According to the economy report from the Ministry of the Economy, oil production in Gabon increased at the end of September 2022. “ Quarter-on-quarter, oil production increased by 7.3% compared to the second quarter of 2022, in connection with the operation of new wells and the loosening of the OPEC+ quota policy, despite the closure of the field operated by the company Sino Gabon. Compared to the same period last year, national oil production jumped 8.2% ,”
This bullish performance by Gabon could also have a positive impact on the country’s oil revenues thanks to the domino effect. Because, in the 2022 finance law, Gabon wants to achieve oil revenue targets of 693.8 billion FCFA in 2022 against 482.5 billion FCFA set in the law in 2021, an increase of 211.2 billion FCFA. FCFA. Thus, revenue from this sector is divided into tax and non-tax revenue. In terms of tax revenue, the product of taxes on income, profits and capital gains, also called taxes on oil companies, would stand at 151.1 billion FCFA against 61.7 billion in 2021, i.e. a increase of 89.4 billion FCFA.
Non-tax revenue, divided between income from equity investments and income from the oil sector, would stand at 542.7 billion FCFA in 2022 against 420.8 billion FCFA in 2021, i.e. an increase of 121.8 billion FCFA. This is linked to revenues from the oil sector, in particular oil royalties (+62.9 billion) and the sharing contract (56.6 billion).
