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Survey of Energy Resources 2007
Crude Oil and Natural Gas Liquids Country Notes
|
Proved recoverable reserves (crude oil and NGLs, million tonnes) |
294 |
|
Production (crude oil and NGLs, million tonnes, 2005) |
11.7 |
|
R/P ratio (years) |
25.1 |
|
Year of first commercial production |
1961 |
Extensive oil resources have been located, both on land and offshore. In terms of proved recoverable reserves, Gabon ranks third largest in sub-Saharan Africa. The level of proved recoverable reserves adopted for the present Survey is that quoted by World Oil (2 146 million barrels). Oil & Gas Journal retained a level of 2 499 million barrels from 1997 to 2005, but reduced it to 2 000 million at end-2006.
Gabon was a member of OPEC from 1975 to 1995, when it withdrew on the grounds that it was unfair for it to be charged the same membership fee as the larger producers but not to have equivalent voting rights.
In recent years over 90% of Gabon's oil output has been exported, mainly to the USA.