According to the 2008 BP Statistical Energy Survey, Gabon had proved oil reserves of 1.995 billion barrels at the end of 2007 or 0.16% of the world's reserves. For teh same period, Gabon produced an average of 230 thousand barrels of crude oil per day, 0.29% of the world total and a change of -2.1% compared to 2006.
Gabon is a moderately wealthy country with diverse natural resources. It is also sub-Saharan African's fourth largest oil producer whilst holding the third largest oil reserves in the region. As such the upstream oil industry plays a critical role in the economy, representing approximately 80% of the country's export revenues. The country is almost wholly dependent on oil revenues to fund its economy. Exports of crude oil account for approximately 60% of the government's budget and more than 40% of GDP. Natural gas is a relatively unexploited natural recourse in Gabon.
Gabon's export crudes are in the 30 to 35 API range, with a small amount of 25 API. Export crudes are the Rabi Light (35 API) and the Mandji Blend (30 API) streams.