Gabon Oil & Gas Q1 2019
Prospects for exploration are improving, with the launch of a major offshore licensing round in 2018. Materialimprovements in the country's fiscal and licensing terms should stoke interest in the round, at the same time that oil prices and riskappetite are seeing marginal improvement in the sector. That said, the operating environment remains challenging and thecompetition for capital remains fierce, globally. However, major discoveries are needed, to reverse the longer-term trend of declineupstream. Downstream, there is little scope for improvement in the refining sector, within our forecast period. The global fuelsmarket remains well-supplied, while frequent industrial action in Gabon, a small domestic market and limited avenues for export willall undercut the prospects for private and foreign investment.
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