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Hilbroy Advisory: Strike halts all Gabon crude oil output
Hilbroy Advisory: Strike halts all Gabon crude oil output
Gabon's government late last year agreed to trade union demands to limit foreign workers in its oil sector to 10 percent and to require all executive posts to be held by Gabonese, but never ratified the law.
Montreal,
Quebec,
Canada
(prbd.net)
04/04/2011
Montreal, Quebec, April 1, 2011– Hilbroy Advisory Inc. (DeutcheBörse: 2H0) Hilbroy Advisory Reports: Striking oil workers in Gabon stopped the African country's estimated 240,000 barrels of daily crude oil production, a union official told Reuters on Saturday.
Gabon is Africa's seventh largest oil producer. The ONEP union, which represents about 4,000 of the central African country's 5,000 oil workers and has a long history of grievances over pay and local hiring practices, began the strike on Friday after talks over boosting local hiring requirements broke down.
Gabon's government late last year agreed to trade union demands to limit foreign workers in its oil sector to 10 percent and to require all executive posts to be held by Gabonese, but never ratified the law.
President Ali Bongo Odimba said last week he supported "Carbonization" of the oil sector, but said the effort must proceed carefully to ensure the industry remained competitive.
Following the start of the strike, residents of the two main cities of Libreville and Port Gentil rushed to filling stations amid talk that supplies could dry up.
The government on Friday urged union leaders to resume talks and to end the strike, but the union said it would continue the strike until its demands were met.
Gabon's oil sector is one of Africa's most mature but has been in steady decline since output peaked at about 370,000 bpd in 1997. Energy revenues account for about 40 percent of the country's budget, and the government is pushing to revitalize the sector and diversify its economy.
Major players in Gabon's oil sector include France's Total (TOTF.PA), Shell (RDSa.L) and Tullow (TLW.L). Total and Shell confirmed on Friday they were shutting down their fields as a result of the strike.
About Hilbroy Advisory Inc.
Hilbroy Advisory Inc. is a Canadian based advisory and consultancy services company founded in 2000. Our Company provides publicly traded and private companies, institutions and individuals with a series of advisory services enabling these companies to fully reach their corporate objectives and potential.
Our specialists will customize a service package that includes reviewing, identifying and recommending a series of specific action and tasks that help their clients’ management decisions when seeking
• Go Public strategy,
• Debt and or equity financing
• Identify prospective investors
• Hire investor relations firm
• Cross listing decisions
• Planning road-shows and promotional campaigns.
Hilbroy Advisory has established numerous international relationships over the years with Broker Dealers, Hedge Funds, Institutional Investors, High net worth Investors as well as with investor relations firms and consultants. These relationships are made available to all Hilbroy clients and our team will manage the relationships from introduction to post financing activities.
Contact:
Jean François Amyot
HilbroyAdvisory, Inc.
1400 rue Begin
Montreal, QC H4R 1X1
info@hilbroyadvisory.com
www.hilbroyadvisory.com
Tel: 514-334-3131
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About
Hilbroy Advisory Inc. is a Canadian based advisory and consultancy services company founded in 2000. Our Company provides publicly traded and private companies, institutions and individuals with a series of advisory services enabling these companies to fully reach their corporate objectives and potential.
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