Central bank holds key to Gabon’s oil future
If oil companies are forced to hold revenues in the local currency—combined with mandated Opec cuts—the Central African country will struggle to attract the new investment it desires
A revised hydrocarbons code has cut taxes on Gabon’s oil industry, but foreign firms warn these reforms will count for little unless the regional central bank waters down plans to impose harsh new currency rules. Six countries including Opec members Gabon and Equatorial Guinea are part of the Central African Economic and Monetary Community (Cemac) and use the Central African franc, which is governed by the Bank of Central African States (BEAC). The central bank’s new regulations would require companies to retain their revenues, which must be denominated in francs, at banks within the Cemac region. This would force firms to exchange dollar-denominated revenues into francs, incurring exchange
Also in this section
5 August 2025
After failed attempts to find a buyer for its stake in Russia’s largest oil producer, BP may be able to avoid the harsh treatment meted out to ExxonMobil and Shell when they exited—and could even restart operations if geopolitical conditions improve
1 August 2025
A number of companies have filed arbitration claims against Gazprom over non-deliveries of contracted gas or other matters—and won. The next step is to collect the award, but this is no easy task
1 August 2025
Europe’s refining sector is desperately trying to adapt to a shifting global energy landscape and nowhere is this more apparent than in its largest economy
1 August 2025
The Middle East natural gas playbook is being rewritten. The fuel source offers the region a pathway to a cleaner, sustainable and affordable means of local power, to fasttrack economic development and as a lucrative opportunity to better monetise its energy resources.
