LIBREVILLE, October 16, 2023 – Perenco has begun oil production at the offshore Hylia South West play in Gabon, the Ango-French E&P player announced on Friday. The company’s subsidiary Perenco Oil & Gas Gabon (POGG) achieved initial flows of 3,000 bopd from the Hylia South West-1 well.
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.
How much oil will Gabonese produce in 2023?
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.
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.