In 2019, the Gabonese government had set an ambitious target of 220,000 bpd of crude oil production by 2023. Although that target was missed, production in April stood at 200,000 bpd, up from 180,000 in 2020.
Why is Gabon’s oil industry on the rise?
Gabon’s oil industry is on the rise after facing uncertainty due to price crashes and pandemic disruptions. With renewed interest from investors and regulatory changes, Gabon is making strides towards reaching its ambitious oil production targets. Learn about the key players and strategies driving this resurgence.
What is Perenco doing in Gabon?
In December 2022, London-based oil and gas firm Perenco received technical approval from the Gabonese authorities for the construction of an LNG export terminal at Cap Lopez, Gabon. In February 2023, Perenco announced a final investment decision (FID) on the project.
Does Gabon have a future?
Since production started in the 1950s, the majority of the country’s GDP has been derived from crude oil exports. However, after oil production peaked in 1996, Gabon’s future looked less certain, particularly following the price crash of 2014 and the disruption caused by the Covid-19 pandemic.
How have hydrocarbons fueled the Gabonese economy?
Even among oil-rich nations, the extent to which hydrocarbons have fueled the Gabonese economy throughout its independent history is exceptional. Since production started in the 1950s, the majority of the country’s GDP has been derived from crude oil exports.
Will Gabon return to the 1980s?
But a combination of regulatory changes, global market realities, and renewed interest from investors promises to reverse this trend and return Gabon to the good times last seen in the 1980s. In 2019, the Gabonese government had set an ambitious target of 220,000 bpd of crude oil production by 2023.