The economic capital of the Gabonese Republic is situated at Port Gentil 100 miles (160 kms) to the south west of the political capital at Libreville.
The economic capital of the Gabonese Republic is situated at Port Gentil 100 miles (160 kms) to the south west of the political capital at Libreville. It is there that the country's oil industry is based.
Oil was first discovered in 1957 but it is only in the last eight years that the country has become a major producer of crude oil in quantity.
In 1973 the country produced 7.6 million tonnes of crude. Most of it was exported except for a proportion which is refined in the refinery at Port Gentil for local use and sale to members of the Customs and Economic Union of Central Africa.
Of this, off-shore production accounts for a growing proration--currently two-fifths. Exports, amounting to about 85 per cent of production, were valued at 24,000 million france CFA (GBP43 million sterling) (including taxes) in 1972. A number of important new deposited have been discovered in the last few years and prospecting continues. The known reserves are also increasing and are currently put at about 100 million tons.