Gabon

While oil was first discovered in Gabon in 1953, it was not until the early 1970s that substantial production began. Since then, the exploitation of petroleum reserves has been the dominant generator of revenue for the Gabonese economy, accounting for around 52% of GDP and 58% of government revenues in 2011.

Oil refining has a long history in Gabon. Société Raffinage du Gabon (SOGARA) was the first refinery in Central Africa and has been in production for nearly half a century. In recent years, however, SOGARA has struggled with outdated equipment, limited capacity and an output that is not suited to local demand. Gabon’s refinery has not been able to...

Faced with stagnating oil reserves, Gabon’s long-term economic growth depends on the successful diversification of the economy. Barring any major new discoveries, Gabon’s oil output is forecast to fall significantly over the course of the next 20 years, exerting pressure on a government that currently depends on oil revenues for 58% of its budget...

Since 1953, when oil was first discovered near Port-Gentil, Gabon’s economy has been dominated by the petroleum industry. According to the BP “Statistical Review of World Energy 2012”, Gabon is the sixth-largest crude oil producer in sub-Saharan Africa and has the region’s fourth-largest proven reserves.