Gabon holds summit to develop, exploit gas potent
Making its gas potential a real lever for economic growth, the summit on oil, gas and energy transition in Libreville on the theme ”Reveal, develop and exploit the gas potential of Gabon”, aims to reduce the country’s dependence on imports of finished products and initiate the switch to clean energy.
Minister of Oil, Gas, Hydrocarbons, and Mines of Gabon Vincent de Paul Massassa said “Gabon has realized that the energy transition requires a much greater use of gas. We did not have the infrastructure at the beginning, but today all efforts are being made to move in this direction”.
Resident representative of the world bank, Gabon Alice Ouédraogo is of the view that “Everyone uses gas to cook every day. So we agree that if it is available and cheaper, it will affect the cost of living of the Gabonese citizen. If the State can export gas for example, it can affect the State’s resources. So, for me it is a range that is very wide and that can have really important impacts on the Gabonese economy “.
Gabon holds proven natural gas reserves, 29 billion cubic meters mainly in the form of associated gas but currently makes only limited use of it. Almost 90% of its production is reinjected into the subsoil or burned for lack of economic outlets.
Carried by the Transformation Acceleration Plan, the other challenge is to make
“local content” a reality, offering more opportunities to Gabonese companies and workers in the sector.
This is according to the Project Manager of the Gas Strategy Task Force Yann Livulibutt Yangari,
“What is important to note is that there would be no point for the Gabonese Republic to push for gas development if no Gabonese companies can participate in this effort and create wealth for our economy.”
In response to the economic impact of the Covid-19 crisis, Gabon has embarked on the preparation of productive sectors that include hydrocarbons.
The objectives are to boost oil production, diversify the sector and improve governance.