Page 8 - AfrOil Week 21 2022

AfrOil INVESTMENT AfrOil

Map of newly extended SG 4571 licence area (Image: Invictus Energy)

Because of this, it said, the company has had to Around that time, Invictus announced it had
update its drilling programme so that a diverter picked Exalo Drilling of Poland to work on the
system will be included for the shallow sections site. The acreage was once explored by the then
of Mukuyu-1. Mobil (later acquired by Exxon) in the 1990s but
In December 2021, the company raised the company moved out of it after establishing
$5.3mn towards the development of the target. that it had more gas than oil. ™

PERFORMANCE
Gabon’s heavily oil-reliant economy set to

expand by 2.8% this year, IMF says

GABON GABON’S economy is forecast to grow by 2.8%
in 2022, after having contracted 1.5% last year,
largely due to steps undertaken to limit the
impact of the COVID-19 pandemic, and ris-
ing prices for oil, the country’s chief export, the
International Monetary Fund (IMF) has said.
A team of IMF staff visited Gabon from May
12-20 to hold discussions on the combined first
and second reviews of the arrangement under
the Extended Fund Facility (EFF), approved in
July 2021.
Boileau Loko, the IMF mission chief to
Gabon, said in an end-of-mission statement on
May 20 that while Gabon’s economy is gradually Crude oil loadings near Cap Lopez terminal in Gabon (Image: TotalEnergies)
recovering from the 2020 recession, strong, sus-
tainable, and inclusive growth requires promot- “Under the difficult circumstances result-
ing private investment and strengthening social ing from the pandemic, performance against
protection. quantitative program targets was mixed. Public
Also, he said, “the intensification of the war finances in 2021 were marked by underper-
in Ukraine and its effects on global growth, the formance in non-oil revenues and some over-
resurgence of the pandemic, and a reversal in oil spending on subsidies given the price freeze on
price present risks for economic recovery.” petroleum products at the pump,” he added.

P8 www. NEWSBASE .com Week 21 25•May•2022