Gabon publishes oil and mining revenues for 2007-10

Their EITI reports show that Gabon remains highly dependent on revenues from natural resources.

Gabon has published new EITI Reports, disclosing government revenues from oil and mining for the years 2007 to 2010. The reports reveal that the country has earned around USD 1.8 billion per year except for the commodity price peak in 2008 when it received USD 2.7 billion.

The economy in Gabon is highly dependent on its petroleum and manganese sectors. In 2010, crude petroleum production accounted for about 75% of the country’s total exports, 60% of government revenue, and 40% of the country’s gross domestic product. The country ranked 4th among the world’s producers of manganese, contributing to about 11% of global production of the mineral that is widely used in production of stainless steel.

The Gabonese government was one of the first to commit to implementing the EITI, in May 2004. The first report was published in 2005 with oil data from 2004, and added mining sector data to its reports on 2005 in 2006.

EITI Gabon has started its second EITI Validation, the EITI’s quality assurance mechanism. It needs to submit a final validation report by 9 December 2012, allowing the EITI Board to assess whether the country has met the EITI Standard and can be recognised as EITI Compliant.

For further information about EITI in Gabon, please visit the Gabon country page.