MAKOKOU: President Ali Bongo said on Wednesday that Gabon would audit the oil industry to ensure oil companies were respecting their agreements and evaluate whether the deals were beneficial to the country. During a visit to the northeast of the country, Bongo said that international mining and energy inspection and analytical service firm Alex Stewart would conduct the audit to "better control the financial flows from the sector and reinforce its governance."
Oil is the main source of wealth of Gabon, which produces between 220,000 and 240,000 barrels per day. Officially, oil accounts for about 60 percent of the country's budget.
France's Total and British-Dutch group Shell account for 60 percent of production. Bongo said the audit would "determine to what extend oil companies are complying with the terms of the contractual obligations of their concession or production sharing agreements."
He said the audit would also "determine if the terms of the contracts are advantageous or not for the Gabonese Republic." Gabon is in the process of creating a new state firm to oversee government interests in the oil sector.
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