Gabon will provide 35 new oil blocks

Gabon's Ministry of natural gas and hydrocarbon industry said Wednesday that it will provide 35 new oil blocks at the African oil Week conference in South Africa. In July this year, Gabon introduced a new oil code to attract investment in oil and gas fields and open up opportunities to increase the country's oil production However, data released by the Ministry of economy earlier this year showed that Gabon produced 70.4 million barrels of oil in 2018, 8% less than the 76.6 million barrels produced in 2017. Gabon originally predicted that its oil production would reach 79.5 million barrels in 2018. The main reason for not meeting the production target is the shortage of infrastructure At this conference, Noel mboumba, Gabon's minister of natural gas and hydrocarbon industry, will seek to attract new investment into the country's oil and gas sector. The Gabonese government says it has 24 companies interested in 35 new offshore oil blocks in the country.