Gabon Oil Company restructures

Gabon Oil Company has announced a restructuring that will refocus its role on managing the state’s assets and expanding its downstream presence. “The GOC is emerging from a major restructuring,” director-general Arnaud Engandji said following a 28 July board meeting. “We have had to significantly reduce our operating costs and today we can reorient the entity to a new strategy.”Engandji, who was appointed in October 2015 to replace Brice Toulekima, said the parastatal would scale back its ambitions to develop a role in the upstream sector.