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Gabon crude oil output to slip, but manganese production up

Time:Mon, 21 Sep 2015 05:54:40 +0800

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Gabon's crude oil output will fall by around 8 percent this year compared to 2014 due to ageing oil fields and the impact of workers strikes, a finance ministry report stated.

Production will drop from 10.91 million tonnes to 10.01 million tonnes, according to the figures from the document submitted to parliament.

Gabon, like many other African oil producers, has been hit hard by a sharp drop in the price of oil, which accounts for nearly 80 percent of the Central African nation's export earnings.

The government has been forced to implement deep spending cuts and trim its economic growth forecast. In July, Standard & Poor's revised Gabon's sovereign credit outlook down to negative from stable.

Once an OPEC member, Gabon's current reserves will be exhausted in 30 years in the absence of new finds.

The finance ministry document said that manganese production 4.2 million tonnes in 2015 from 3.4 million tonnes last year.

Gold production was expected to reach around 1,200 kg, it said.

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