Gabon is banking on its untapped mines for the post-oil energy era

Despite a resurgence in oil prices in the aftermath of the Covid-19 pandemic, compounded by Russia’s invasion of Ukraine, Gabon’s oil industry has been experiencing a steady decline since 2014, with an annual reduction in production of around 4%.

Between 2014 and 2019, Gabon’s non-oil gross domestic product (GDP) saw a 3.4% increase, even as its overall GDP grew at a more modest rate of 1%. This shift has prompted the attention of government authorities and investors.

Untapped energy

“Considering our transition towards a greener future, mining takes precedence in our global strategy,” says Wesbert Moussounda Ngoumba, managing director of Société équatoriale des mines (SEM). He further expects that, with the rise in demand for electric cars, “we will need it [mining] more than oil”.

If his predictions prove accurate, this could significantly benefit Gabon, a country whose mining potential