Country profile: Gabon

Location:

Western Africa, bordering the Atlantic Ocean at the Equator, between Republic of the Congo and Equatorial Guinea

Climate:

tropical; always hot, humid

Terrain:

narrow coastal plain; hilly interior; savanna in east and south

Size:

267667 sq. km total (Land area: 257667 sq. km Water area: 10000 sq.km)

Population:

1,485,832

Languages:

French (official), Fang, Myene, Nzebi, Bapounou/Eschira, Bandjabi

Government:

republic; multiparty presidential regime

Capital city:

Libreville

Legal system:

based on French civil law system and customary law; judicial review of legislative acts in Constitutional Chamber of the Supreme Court; has not accepted compulsory ICJ jurisdiction

Currency:

Communaute Financiere Africaine franc (XAF); note

Licensing:

Country profile

Gabon’s economy is highly dependent on oil production, with the country’s oil exports accounting for 51 percent of GDP and 63 percent of government revenues. Gabon’s per capita GDP is approximately $5,500, well above most of sub-Sarharan Africa. However, most of the population lives below the poverty line as evidenced by Gabon’s rating of 124 (out of 177) on the Human Development Index (HDI) and unemployment stands at about 40 percent.

Gabon hopes to increase growth in non-oil sectors as it is currently facing significant declines in both oil production and reserves. The country’s other main exports are timber, uranium and manganese but oil still represents 70 percent of the total exports. In recent years, Gabon has taken steps to market itself as a high end ecotourism destination. Nonetheless, the country is expected to continue relying on oil production in the near future.

In addition to declining oil production, Gabon is faced with high debt payments amounting to 40 percent of the annual government budget. In May 2007 the IMF approved a new US$ 117 million standby loan to support government efforts to expand the non-oil sectors of the economy.

Gabon is a relatively stable country located in the Gulf of Guinea. President Omar Bongo Ondimba has been in office since 1967 and is the longest serving head of state in Africa. In 2005 he was reelected for his seventh term through 2012. While there has been some localized social unrest it has not affected oil investment. Regionally, Gabon has been in a dispute with Equatorial Guinea over three islands in the Corsico Bay that could potentially contain oil deposits. The final status of the islands is still pending. Gabon is also a signatory to the Extractive Industries Transparency Initiative that supports governance and revenue transparency from the oil, gas and mining sectors. In 1996, Gabon retracted its membership in the Organization of Petroleum Exporting Counties (OPEC), citing the organization’s high annual dues as the reason.

Energy production and consumption

Oil

Gas

Production:

266,000 bbl/day (2005 est.)

95 million cu m (2005 est.)

Consumption:

13,000 bbl/day (2005 est.)

95 million cu m (2005 est.)

Exports:

228,000 bbl/day (2005 est.)

Imports:

2,436 bbl/day (2005 est.)

Reserves:

1 billion bbl (2007 est.)

32 billion cu m (1 January 2006 est.)

Major fields:

Gabon - recent news

22 Apr 25	Gabon: Appraisal well confirms potential for future Bourdon development cluster BW Energy has announced that the second sidetrack DBM-1 ST2 well has confirmed the substantial oil discovery with good reservoir and fluid quality of the Bourdon prospect in the Dussafu Licence offshore Gabon, announced on 7 March 2025. Management estimates indicate 56 million barrels oil in place of which approx. 25 million barrels are considered recoverable.
25 Mar 25	Gabon: Tullow agrees binding heads of terms for $300 million net of tax sale of Gabon assets to Gabon Oil Company Tullow Oil has signed a binding heads of terms agreement with Gabon Oil Company for the sale of Tullow Oil Gabon, which holds 100% of Tullow’s working interests in Gabon for cash consideration of $300 million net of tax.
07 Mar 25	Gabon: Panoro Energy announces significant oil discovery offshore Gabon Panoro Energy has announced a significant new oil discovery has been made at the Bourdon prospect, located on the Dussafu Marin Permit offshore Gabon.
31 Oct 24	Gabon: BW Energy, VAALCO and Panoro Energy sign final agreements for Niosi and Guduma Marin exploration blocks offshore Gabon BW Energy has signed production sharing contracts (PSCs) for the exploration blocks Niosi Marin and Guduma Marin (formerly named G12-13 and H12-13) with Gabon’s Petroleum Minister and Minister of Economy. BW Energy holds 37.5% working interest and is the operator of the blocks. VAALCO Energy (37.5%) and Panoro Energy (25%) are non-operating joint venture partners in the PSCs.
22 Oct 24	Gabon: Panoro Energy provides Dussafu operations update Panoro Energy has provided an update on operations at the Dussafu Marin Permit offshore Gabon. The current production drilling campaign at Dussafu was expanded to eight wells in order to accommodate fast-track development of the two new discoveries which were announced during May 2024.