Over the last 50 years Gabon’s economy has been largely dependent on oil extraction and, despite declining levels of oil production and government efforts to promote economic diversification, this continues to be true today. According to the World Bank, oil has on average accounted for 45% of GDP, 81% of exports and 60% of budget revenue over the...
Demand for power and water has increased in recent years, driven by growing populations in urban areas, expanding cities and the ambitious economic development plans gradually unfolding. This has put pressure on an already strained system, often resulting in power outages and water-related difficulties such as low pressure and poor quality.
In April 2013, the Ocean Rig Olympia started drilling a first well at 1700 metres of water depth to test the pre-salt potential of Diaba, an oil block located in Gabon’s southern basin and owned by Total Gabon (42.5%), Marathon Oil (21.25%), Cobalt International Energy (21.25%) and the government of Gabon (15%). This is the first deepwater or ultra-...
The country’s production has been successfully maintained at 240,000 barrels per day (bpd) over the past four years and is expected to remain at that level for the next three years. Major producers are Perenco, Shell and Total, with each producing about 60,000 bpd. In 2013, three oil discoveries have been made: Mitsubishi Petroleum had a...
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