Benin has confirmed the discovery of at least four major off-shore oil deposits, raising its hopes of joining the restricted league of oil producing countries, according to a statement issued on Monday by the Beninese president's office.

These deposits were discovered thanks to explorations undertaken by Chinese, Canadian and American companies on a number of blocks allocated to them by the government of Benin, says the statement.

Beninese Mines Minister Sacca Lafia said there exists "many other possibilities which are yet to be identified."

Benin, a member of the Association of African Oil Producers, exploited several oil deposits along the coast bordering Nigeria in the 1970s and 1980s, without any significant impact on the public finances and living conditions of its population, as the revenues were mostly used to reimburse investments, according to reports.