,%20Stephen%20Bassene,%20Managing%20Director%20of%20Total%20Gabon,%20announced%20that%20the%20oil%20giant%20would%20be%20cutting%20down%20investments%20in%202020,%20due%20to%20the%20effects%20of%20COVID-19%20on%20the%20oil%20sector,%20to%20help%20save%20jobs%20of%20its%20staff.Gabon%20has%20been%20a%20member%20of%20the%20strongAfrican%20Petroleum%20Producers’%20Organization%20(APPO)/strong%20since%201987,%20and%20is%20one%20of%20the%20oil-producing%20nations%20on%20the%20continent%20with%20its%20oil%20production%20activities%20starting%20historically%20in%201956.“In%20view%20of%20the%20current%20prices%20of%20oil,%20we%20are%20taking%20an%20even%20more%20selective%20approach,%20by%20considering%20the%20health%20and%20economic%20situation,%20while%20having%20at%20heart%20to%20preserve%20the%20company%20and%20its%20future%20projects.%20Our%20investments%20will,%20therefore,%20be%20reduced,%20sometimes%20significantly,”%20he%20said.Speaking%20on%20the%20possible%20oil%20price%20of%20$20%20per%20barrel%20for%20months%20in%202020,%20he%20said,%20“I%20think%20there%20are%20few%20oil%20companies%20in%20Gabon%20and%20elsewhere%20in%20the%20world%20that%20would%20be%20able%20to%20withstand%20such%20low%20prices%20for%20several%20months.%20At%20Total%20Gabon,%20we%20are%20tackling%20this%20crisis%20without%20debt,%20which%20is%20rather%20favorable.%20That%20said,%20we%20are%20being%20impacted%20just%20as%20badly%20and%20we%20must%20take%20all%20necessary%20measures%20to%20resist%20and%20preserve%20the%20business. img%20class=alignnone%20size-medium%20wp-image-1564%20src=https://ibekachikwu.com/wp-content/uploads/2020/05/IMG_8641-300x200.jpg%20alt=%20width=300%20height=200%20/ “We%20have%20a%20dialogue%20which%20is%20constant%20and%20permanent%20with%20the%20employees%20and%20their%20representatives.%20We%20hold%20two%20weekly%20meetings%20with%20staff%20representatives.%20This%20is%20an%20approach%20we%20have%20taken%20in%20this%20difficult%20period,%20as%20in%20the%20more%20favorable%20periods,%20to%20keep%20everyone%20mobilized,%20in%20a%20spirit%20of%20transparency%20and%20listening.”It%20can%20be%20recalled%20that%20a%20few%20weeks%20ago,%20the%20government%20of%20Gabon%20had%20announced%20that%20it%20was%20drafting%20an%20“economy%20recovery%20and%20stabilization%20plan”%20in%20preparation%20for%20life%20during%20and%20after%20the%20pandemic.This%20is%20a%20laudable%20comment%20by%20the%20Managing%20Director%20(Gabon)%20of%20the%20French%20multinational%20integrated%20oil%20and%20Gas%20Company.%20The%20pandemic%20has%20resulted%20in%20job%20losses%20in%20a%20lot%20of%20other%20sectors,%20with%20concerns%20always%20raised%20about%20the%20future%20of%20employees%20in%20the%20Energy%20sector.%20Though,%20there%20are%20no%20accurate%20statistics%20as%20to%20whether%20there%20have%20been%20massive%20job%20losses%20in%20the%20African%20Energy%20sector,%20a%20comment%20like%20this%20will%20lift%20the%20spirits%20of%20employees%20of%20Total%20Gabon.The%20steps%20taken%20by%20the%20government%20of%20Gabon%20and%20players%20in%20its%20Energy%20sector%20have%20been%20impressive%20so%20far.){kind=link}
In an interview with L’union of Gabon (the government-controlled daily newspaper), Stephen Bassene, Managing Director of Total Gabon, announced that the oil giant would be cutting down investments in 2020, due to the effects of COVID-19 on the oil sector, to help save jobs of its staff.
Gabon has been a member of the African Petroleum Producers’ Organization (APPO) since 1987, and is one of the oil-producing nations on the continent with its oil production activities starting historically in 1956.
“In view of the current prices of oil, we are taking an even more selective approach, by considering the health and economic situation, while having at heart to preserve the company and its future projects. Our investments will, therefore, be reduced, sometimes significantly,” he said.
Speaking on the possible oil price of $20 per barrel for months in 2020, he said, “I think there are few oil companies in Gabon and elsewhere in the world that would be able to withstand such low prices for several months. At Total Gabon, we are tackling this crisis without debt, which is rather favorable. That said, we are being impacted just as badly and we must take all necessary measures to resist and preserve the business.
“We have a dialogue which is constant and permanent with the employees and their representatives. We hold two weekly meetings with staff representatives. This is an approach we have taken in this difficult period, as in the more favorable periods, to keep everyone mobilized, in a spirit of transparency and listening.”
It can be recalled that a few weeks ago, the government of Gabon had announced that it was drafting an “economy recovery and stabilization plan” in preparation for life during and after the pandemic.
This is a laudable comment by the Managing Director (Gabon) of the French multinational integrated oil and Gas Company. The pandemic has resulted in job losses in a lot of other sectors, with concerns always raised about the future of employees in the Energy sector. Though, there are no accurate statistics as to whether there have been massive job losses in the African Energy sector, a comment like this will lift the spirits of employees of Total Gabon.
The steps taken by the government of Gabon and players in its Energy sector have been impressive so far.