Oil Boom: Economic Prosperity, Urban Migration, and Environmental Preservation
Gabon’s oil industry has experienced remarkable growth, with production rising from 1.4 million tonnes in 1966 to 18 million tonnes by 1998, positioning the country among those with the highest per capita incomes in Africa. This economic boom has fueled progress in public employment, wages, urban infrastructure, and transportation, attracting many—especially young people—from rural areas to cities. Despite this urban migration, more than 80% of Gabon remains forested, with significantly lower rates of deforestation compared to other nations in the Congo Basin.
Looking To The Future
Looking ahead, the industry is optimistic about 2024, with forecast eyeing a significant increase in high impact drilling activities in Africa and Latin America, predicting the drilling of 36 potential high-impact wells, the most since 2015, following a modest 27 wells in 2023.