Gabon’s oil adventure began in the 1930s. But it was not until 1956 that the deposits of Ozouri and Pointe-Clairette produced their first barrels of black gold. The Gamba deposits, put into operation in 1963, already positioned Gabon as an oil-producing country. But confirmation truly came ten years later, with the Grondin deposit. Bringing Gabon’s domestic production up to more than 10 million tonnes, this deposit totally changed the destiny of a country that up until then had been relying on the forestry sector for most of its revenue. In one year, Gabon’s GDP increased by 150%.

Since then, Gabon has experienced several threats of oil resources running out. And, each time, a new discovery has postponed the deadline. For example, at the end of the 1980s, Rabi Kounga drove oil production up to the hitherto unknown levels of between 18 and 20 million tonnes per annum.

In the mid 1970s oil revenue was so comfortable that, along with the oil companies exploiting its black gold, in particular Elf-Gabon, Gabon created a Provision for Diversified Investment (PID) which is used to re-invest oil-generated financial flows into development projects. This was how Agripog (food crops) and Agrogabon (palm oil and soap industry), etc., emerged, among others.

Ten years after the major discovery of Rabi Kounga and paradoxically after the most prosperous year in the history of Gabonese oil (1997 with 18.45 million tonnes), the threat of oil running out is increasingly urgent: a regular decline of 5% per year has begun: 17.5 tonnes in 1998, 15 million tonnes in 1999, 13.7 million tonnes in 2000, 12.5 million tonnes in 2002. In 2003, production rose slightly with 13.4 million tonnes and levelled out until 2005. 2007 was marked by the lowest level reached: 11 million tonnes. The level rose slightly after that: 12.6 million tonnes of oil were produced in 2009. The good levels of prices for crude oil and the Dollar led to a more intense exploitation of the fields in production, including marginal fields that up till now were not very profitable. This relative stabilisation of production is due to improved extraction procedures on the existing fields but also to an increase in activity in general. Thus, in December 2009, the company Maurel&Prom discovered a new well near Lambaréné, after the opening of the first 11 wells on the Onal Field in March 2009.

A highly fruitful and strategic resource, there is no question of oil being abandoned in Gabon. Hopes are now turning to deep offshore exploitation: the 10th international call for tenders for 40 deep and very deep offshore oil blocks will be launched the 27 october 2010 by the Minister for Mines, Oil and Hydrocarbons.

The diversification of the partnership (South Africa, Brazil, Canada and China) also maintains high hopes of a large-scale discovery.

The exploitation of gas, on the other hand, remained secondary until 2004, when it gained slightly in importance. That year, two permits for the development of gas resources were attributed by the ministry of Mines and Oil: these were the very first contracts exclusively concerning natural gas to be signed in Gabon. Since then, the activity has greatly intensified. In June 2009 an international seminar was held in Libreville on the outlook for natural gas in Africa. Gas projects have increased manyfold: Russian company Gazprom wishes to invest in the exploitation of Gabon’s gas and Shell Gabon plans to launch natural gas production in the near future. SEEG also signed a contract for the purchase/sale of natural gas with Perenco, with a view to marking its independence in terms of power while contributing to the preservation of the environment.

In 2008, Gabon possessed 32.59 billion cubic metres of proven reserves of natural gas.