Gabon's proven oil reserves were estimated at in 2015, and its proven natural gas reserves were estimated at . The Sogara oil refinery at Port-Gentil is the sole refinery in Gabon, built in 1968 by a consortium that included Total, Shell, Mobil, Texaco, Petrofina and Agip.
Gabon enjoys a per capita income four times that of most nations of sub-Saharan Africa, its reliance on resource extraction industry releasing much of the population from extreme poverty. ==Resources== Gabon depended on timber and manganese until oil was discovered offshore in the early 1970s.
Virtually all industrial enterprises were established with government subsidies in the oil boom years of the 1970s.
A new fishing port was built at Port-Gentil in 1979, which is now the center of operations for the industrial fleet.
The small processing and service sectors are largely dominated by just a few prominent local investors. In 1992, Gabon failed to settle arrears on its bilateral debt, leading to a cancellation of rescheduling agreements with official and private creditors.
In 2012 there were six active oil rigs in Gabon. The government announced in 2012 that it would reassess exactly how much iron ore the Belinga site contains before awarding the concession to a mining company, most likely to be China's CMEC, which temporarily secured the rights to the ore in 2007. ==Financial problems== Overspending on the Trans-Gabon (Transgabonais) Railway and the France CFA devaluation of 1994 have caused debt problems.
Devaluation of its CFA franc by 50% on 12 January 1994 sparked a one-time inflationary surge, to 35%; the rate dropped to 6% in 1996.
The IMF provided a one-year standby arrangement in 1994–1995 and a three-year Extended Fund Facility (EFF) at near-commercial rates beginning in late 1995.
Gabonese manufacturing is highly dependent on foreign inputs, and import costs rose significantly in 1994 when the CFA franc was devalued.
The IMF provided a one-year standby arrangement in 1994–1995 and a three-year Extended Fund Facility (EFF) at near-commercial rates beginning in late 1995.
Devaluation of its CFA franc by 50% on 12 January 1994 sparked a one-time inflationary surge, to 35%; the rate dropped to 6% in 1996.
Although there have been recent offshore finds, oil production is now declining from its peak of in 1997, and periods of low oil prices have had a negative impact on government revenues and the economy.
France provided additional financial support in January 1997 after Gabon had met IMF targets for mid-1996.
In 1997, an IMF mission to Gabon criticized the government for overspending on off-budget items, over-borrowing from the central bank, and slipping on its schedule for privatization and administrative reform.
The country produced of oil per day in 2014, a decrease of 35% from the 1997 peak.
The rebound of oil prices in 1999 helped growth, but drops in production hampered Gabon from fully realizing potential gains. ==Animal husbandry== Animal husbandry is limited by the presence of the tsetse fly, though tsetse-resistant cattle have recently been imported from Senegal to a cattle project.
The total catch in 2003 was 44,855 tons, 80 percent from the Atlantic.
In 2005 there were an estimated 212,000 hogs, 195,000 sheep, 90,000 goats, 35,000 head of cattle, and 3.1 million chickens.
In 2012 there were six active oil rigs in Gabon. The government announced in 2012 that it would reassess exactly how much iron ore the Belinga site contains before awarding the concession to a mining company, most likely to be China's CMEC, which temporarily secured the rights to the ore in 2007. ==Financial problems== Overspending on the Trans-Gabon (Transgabonais) Railway and the France CFA devaluation of 1994 have caused debt problems.
In 2012 there were six active oil rigs in Gabon. The government announced in 2012 that it would reassess exactly how much iron ore the Belinga site contains before awarding the concession to a mining company, most likely to be China's CMEC, which temporarily secured the rights to the ore in 2007. ==Financial problems== Overspending on the Trans-Gabon (Transgabonais) Railway and the France CFA devaluation of 1994 have caused debt problems.
The country produced of oil per day in 2014, a decrease of 35% from the 1997 peak.
Gabon's proven oil reserves were estimated at in 2015, and its proven natural gas reserves were estimated at . The Sogara oil refinery at Port-Gentil is the sole refinery in Gabon, built in 1968 by a consortium that included Total, Shell, Mobil, Texaco, Petrofina and Agip.
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