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Gabon Oil Minister Sees Rise in 2014 Output

Source: Reuters 5/2/2014, Location: Africa

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Gabon's oil production is expected to rise by at least 9 percent to between 230,000 and 250,000 barrels per day (bpd) in 2014 from 210,000 bpd last year, its oil minister said.

The central African oil producer was once an OPEC member but production has dipped from a peak of around 370,000 bpd in 1997 due to maturing fields.

"Oil production in 2014 should reach 230,000 bpd or even 250,000 bpd," Oil Minister Etienne Ngoubou told journalists at an industry event, without providing further details.

Gabon is seeking to encourage investment in the sector and has ambitions to boost production to 500,000 bpd as new offshore fields become operational.

Total and Royal Dutch Shell are among the firms operating in the former French colony.

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