Energy
From The Report: Gabon 2015
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Oil is the lifeblood of Gabon’s economy, representing half of state revenues and around 80% of export earnings in 2014. The absence of major new discoveries, declining production at mature fields and the halving of oil prices over the past year have dampened the short-term outlook, leading to a push for enhanced oil recovery and new exploration. If confirmed, recent offshore gas discoveries will help to boost output.

This chapter includes interviews with Etienne Dieudonné Ngoubou, Minister of Petroleum and Hydrocarbons; and Serge Toulekima, CEO, Gabon Oil Company.

Articles from this Chapter

Overview

Age of exploration: New discoveries have stoked hopes of increased production
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Oil remains the lifeblood of Gabon’s economy, representing half of state revenues and around 80% of its export earnings in 2014. The country benefits from relatively light, sweet crude from accessible onshore deposits, and has potential in deep offshore blocks. However, the absence of any major new oil discoveries, declining production at mature fields and, above all, the halving of international oil prices over the past year have dampened the short-term outlook, leading to a push to aggressively…

Interview

Dig deeper: OBG talks to Etienne Dieudonné Ngoubou, Minister of Petroleum and Hydrocarbons
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Interview:Etienne Dieudonné Ngoubou How have lower oil prices impacted exploration? ETIENNE NGOUBOU: Nine contracts have been signed between the government and international oil companies for the exploration of deep offshore areas. In a bid to pool the exploration activities, the government has also signed a service contract with France’s CGG to conduct geophysical studies of the oil potential in each area where permits were signed. In this context, investors involved in deep offshore…

Analysis

Well informed: Explorers are excited about pre-salt prospects
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Gabon is banking on its deepwater resources to achieve its ambitious target of doubling oil production to 500,000 barrels per day (bpd) by 2025. The discoveries since mid-2013 by Total, Shell and Eni in its pre-salt formations and those by its neighbours in the Gulf of Guinea have raised hopes that its offshore resources mirror those of Brazil, and will enable it to reverse a trend of plateauing production. Gabon has the second-highest number of active oil blocks in sub-Saharan Africa to be licensed,…

Analysis

Solutions for rural power: Working towards the goal of universal access by 2035
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The government has fixed targets of providing electricity for 85% of rural areas by 2025 and achieving universal access to electricity for its population of around 1.7m by 2035. The objectives were set out in the Policy Letter for Universal Access for Basic Services in Rural Areas, which was approved by the Council of Ministers in September 2014, and which also noted that only 15% of rural areas had electricity as of 2014. Achieving these targets will be a tall order, taking into account that tropical…

Interview

Adapting and evolving: OBG talks to Serge Toulekima, CEO, Gabon Oil Company
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Interview:Serge Toulekima How has the recent drop in oil prices affected Gabon, and how is the industry responding? SERGE TOULEKIMA: Most oil-exporting countries have been affected by the drop in oil prices and Gabon is no different. Many oil companies are finding their profits squeezed and are cutting back on spending. The main reasons for the current cycle of falling oil prices are increased production from the US, sluggish oil demand due to the slowdown of China’s economy and a long…