Continental Focus, International Reach

Gabon Sees Substantial Decline in Q1 Oil Production

Thursday, August 9, 2018

Gabon saw a drop in its Q1 production according to the Ministry of the Economy and Environment. The country’s production fell by 10.7% or 17.41 million barrels for the period.

The Ministry said this was due to a number of factors including the natural decline of mature fields, the maintaining of OPEC quotas at -9,000 barrels / day, as well as maintenance shutdowns on various fields.

While production dropped, exports were on the rise, “However, exports grew by 3.2% to 2.39 million metric tons,” the Ministry of Economy noted in its conjuncture. The main destinations for Gabonese crude remain Asia and the Pacific, accounting for 82%.