Gabon and oil
5th largest producer
The oil sector is a major contributor to the state budget, particularly affected by the health crisis. Oil production in Gabon has been in decline for several years, and it now hopes to focus on deep-sea exploration to increase production. Recent discoveries in the gas industry could also offer new growth opportunities for the sector, while the Gabonese government, which has positioned itself for years as a "rentier watchdog", is keen to further extend control and increase its share of revenues.
Gabon is the fifth largest oil producer in sub-Saharan Africa, behind Nigeria, Angola, Congo (Brazzaville) and Equatorial Guinea. According to the BP Statistical Review 2014, Gabon has proven reserves of 2 billion barrels. As a result, Gabon's sedimentary basin covers an area of 247,000 square kilometres, of which 30% is onshore and 70% offshore. About 47% of the allocated area is available for exploration. In July 2018, it returned to OPEC (Organisation of Petroleum Exporting Countries) and is preparing to return to EITI (Extractive Industries Transparency Initiative).
