Country Update
July 27, 2021- Albania
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Market Prices
gabon sovereign| Security | Bid | Ask | Yield | Spread | Change | |
|---|---|---|---|---|---|---|
| GABON 6 3/8 12/12/24 | 106.00 | 106.55 | 4.69 | 347 | +347 | 2024-12-12 |
| GABON 6 3/8 12/12/24 | 105.90 | 106.45 | 4.73 | 352 | +352 | 2024-12-12 |
| GABON 6.95 06/16/25 | 108.05 | 108.60 | 5.17 | 450 | +450 | 2025-06-16 |
| GABON 6.95 06/16/25 | 107.85 | 108.40 | 5.13 | 446 | +446 | 2025-06-16 |
| GABON 6.625 2/6/2031 | 100.15 | 100.70 | 0.00 | 0 | +0 | 2031-02-06 |
Market Map
gabon sovereignYield Curve
gabonMarket History
Market Intelligence
gabonWe focus on the largest African commodity exporters within the EMFI universe, which would benefit from the current price boom.
The benefits of a bull commodity cycle will enhance liquidity buffers and help improve fiscal accounts, but getting countries back on a debt sustainability path takes more than that.
The emerging countries that benefit must take advantage of the tailwinds to undertake structural changes that can improve long-term solvency.
On November 29, the Ministry of Economy Roger Owondo Mba and the French Development Agency (AFD) signed an amendment to the Budgetary Support Agreement that triggers the last disburment of EUR 37.5 mn. This three-year agreement was signed in December 2017 for a total amount of EUR 224.8 mn, including the last disbursement.
The Fund is expecting to disburse the last EUR 372 mn out of the EUR 978.7 mn granted in total, the Gabonese Treasury has already paid EUR 606.7 mn. The IMF said GDP is expected to reach 3.4% this year, compared to the 0.8% in 2018.
On November 19, Gabonese authorities arrested top government officials in an operation called “clean hands.” The Public Prosecutor, Olivier Nzaou did not mention the names of the people in custody but he admitted that they were charged for corruption and money laundering.
Officials close to the former Director of the Cabinet, Brice Laccruche were targeted and persecuted the same day he was removed from office. Apparently, the first vicim was Renaud Alloghe Akoué, former General Director of the National Health Insurance and Social Security Fund.
The Gabonese press interpreted the dismissal of Brice Laccruche A...
Brice Laccruche Alihanga was dismissed by presidential decree of his position as Director of the Cabinet of the President of the Republic on November 7. The appointment was made public by Prime Minister Julien Nkoghe Bekale. In October 2018, President Ali Bongo suffered a stroke that leave him out of the office until March 2019. Laccruche Alihanga has gradually established itself as a key player in Gabon’s politics.
Brice Laccruche Alihanga toured on behalf of President Bongo in October, the first time that someone other than the president of Gabon makes a traditional tour. The tour raised strong criticism among government&rsqu...
On October 28th, Noël Mboumba, Minister of Petroleum and Hydrocarbons, signed seven exploration and production sharing contracts with Assala Upstream Gabon, Assala Gabon SA, Perence Oil & Gas Gabon Limited and Sinopec Overseas & Gas limited.
Minister Mboumba said these contracts will enable use of new technologies, positively affecting production and oil reserves. Gabon expects to double its oil production during 2020 and 2021, reaching 298 tbd.
On October 30th, Vaalco Enegergy Inc, a Texas-based independent energy company with operations in Gabon, announced that it has begun drilling the Etame 9H well. If operatio...
On October 11, the IMF announced that its staff concluded the 2019 Article IV consultation visit and the fourth and fifth reviews of the Extended Fund Facility (EFF) arrangement that the fund maintains with Gabon since June 2017.
Boileau Loko, leader of the team, said that economic activity is picking up with an expected growth of 3.4% for 2019, which implies a notable acceleration from 0.8% recorded in 2018. This result is influenced by higher internal revenues and better control of operating expenses, which allowed reducing the non-oil budget deficit from 11% of non-oil GDP in 2016 to 7.6% in 2018.
On the other hand, the Texa...
On October 4, the Panoro Energy ASA oil company and operator BW energy reported that exploration drilling has finished on the Hibiscus Updip prospect and results exceeded expectations. Hibiscus Updip prospect is located in the Dussafu offshore field, on the southwest coast of Gabon. In the initial explorations carried out at August-end, it was believed that this well had an estimated 12 million barrels capacity. A new sidetrack drilling has indicated that 40 to 50 million barrels could be recovered.
The BW Energy drilling rig will soon be mobilized for the Tortue field, southeast of the Hibiscus Updip prospect, to drill the first of ...
Oil production in Gabon fell by 8.1% in 2018, according to figures published by the ministry of economy. The country produced 70.4 million barrels last year, 6.2 less than in 2017 when production stood at 76.6 mn. This figure corresponds to an annual average of 187 thousand barrels per day (tbd) while in 2016, before the beginning of the declining trend, production averaged at 227 tbd.
The government expected to reach a 79.5 million barrels output in 2018. However, the target was not fulfilled due to wells decline rates, the government explained. These wells are also known as "old" and are characterized by a reduction in th...
On September 2, Bloomberg reported on the hospitalization of Gabon President Ali Bongo in London, during a visit to the city. Bongo, 60, traveled to London after participating in the anniversary of Gabon's independence on August 17 and has since been admitted to the hospital, according to unidentified sources.
The next day after Bloomberg’s publication, the Executive office issued a press release in which it denies the news and indicates that the president has only undergone routine medical checks and he is currently spending time at his residence in London and would soon return to Gabon.
Civil society groups and acti...
On August 29, the independent company based in Houston, USA, Vaalco Energy notified through a press release that a drilling program will begin on the coast of Gabon after completing a successful maintenance closure at Etame Marin oil field - located northwest of Gabon - and the extension of the lease contract for the floating, production, storage and offloading vessel with the Gabonese company Petroleum Nautipa.
The Houston-based company also notified that at the beginning of September, the necessary drill will arrive to begin the drilling at “Etame 9P” field and continue with the development of “Etame 9H”. Ad...
On August 6, the authorities informed the arrangement of a EUR 305 million loan to refinance the construction of Gabon’s main port located in the special economic zone of Owendo, located 27 kilometers from the capital of the country, Libreville. This is the second phase of construction of the new international port, the first phase ended in 2017.
This information was known through a joint statement by the Private Infrastructure Development Group (PIDG) and the Infrastructure Fund for Emerging Africa (EAIF). Additionally, EAIF and the African Development Bank are lending EUR 40 million over fifteen years.
According to PIDG...
On Monday, August 5, Gabon signed two exploration contracts with Petroliam Nasional Berhad (Petronas) of Malaysia, for oil blocks in the south coast of the country. This is the first agreement in five years after Gabon passed a new Hydrocarbons Law that came into force on July 29.
Petronas acquired the Yitu blocks (also known as F12) and Meboun (F13), both covering a total area of more than 4,300 km2. With these explorations and shared production contracts Petronas can take Gabon national production to 200 thousand barrels per day (200 kbd), according to a statement from the Ministry of Petroleum.
"We had a hydrocarb...
Gabon has a high poverty rate - 33.4% in 2017 according to World Bank - which, together with a persistent slowdown in GDP since 2014, led the nation to an Extended Fund Facility (EFF) agreement with the IMF on June 19, 2017.
In the period between 2010 and 2013, the economy reported an average growth of 6.02%, while between 2014 and 2018it was 2.4%. Like Cameroon and other African countries, one of Gabon's main export products is oil. Taking this into account, it could be argued that one of the main reasons behind the slowdown has been the fall in oil prices since 2017.
Another important factor that not only affected markets...
