Gabon's Oil & Gas Minister Sosthène Nguema Nguema has been welcomed to the African Energy Week (AEW): Invest in African Energies forum. The visit of Minister Nguema represents the country's shift towards working with foreign partners and realizing additional value from Gabonese oil and gas sector and is to lead to new opportunities for cooperation and investment.
With over 2 Bbbl of proven oil reserves and significant gas potential, Gabon is aiming to drive national oil output up to as high as 220,000 bpd in the near-to-medium term. For this purpose, the country is inviting new investment onto under-developed acreage, particularly deepwater basins, which have enormous upside potential. Deepwater exploration and production will not only offer dramatic prospects for producers but will also move economic growth policies forward. Ministry of Oil & Gas is using policy reform to facilitate a more business-friendly environment for foreign operators to bring deepwater investment. From the 2019 codification of the Hydrocarbon Code onwards, the new regime has sought to move fiscal terms and regulations forward further. Change in the future is capital from abroad oriented and will radically improve Gabon's business environment.
In addition to new investment, Gabon continues to lead the charge for a grand pipeline operation of oil and gas projects. Taking the lead is independent energy company Perenco's Cap Lopez LNG terminal – on the already built Cap Lopez oil terminal. The $2 billion project will deliver to market an FLNG ship that will place value on the country's offshore gas reserves and also reduce gas flaring. The 700,000 tons LNG and 25,000 tons LPG capacity with 137,000 cubic meters storage capacity will be completed by 2026, gearing the country towards embarking on improved energy development and diversification. Other than Cap Lopez, Perenco's Gabon development plans are focused on boosting local oil and gas production. The group is also expanding upstream activity with the development of the Kombi 2 platform on the Kombi- -Likalala-Libondo II permit. Fabricated by Dixstone at Nieuwdorp shipyard in Holland, the platform will leave port in October and enter production offshore Pointe-Noire early next year.
Alongside Perenco, others are leading ambitious endeavors. Interestingly, BW Energy signed production sharing agreements for the Niosi Marin and Guduma Marin exploration blocks in 2024 with an eight-year exploration period option to extend by two years. The firm – alongside VAALCO Energy – will drill a well while carrying out a 3D seismic program. BW Energy, on the other hand, has stakes in the Boeuf Complex license with 14 production wells tied to an FPSO through a 20-km pipeline. China's CNOOC, in turn, initiated wildcat drilling on Blocks BC-9 and BCD-10 in early 2023 backed by 1.4 Bbbl recoverable resource potential. Gabon's state-owned oil company, Gabon Oil Company (GOC), is also increasing investments in the country. It bought Tullow Oil's whole Gabonese portfolio in a $300 million transaction, which had 10,000 bpd of production and 36 MMbbl of proved reserves. GOC plans to boost oil output by teaming up with foreign partners and investing in exploration and production activities.
Minister Nguema's trip to AEW: Invest in African Energies 2025 will assist in fueling the country's oil and gas industry ambitions. Throughout the event, he will introduce the country's exploration and production climate and its potential co-operation and investment opportunities. His trip will provide operators with an insider look at the country's oil and gas industry.
"Gabon is undertaking a strategic development plan to access more resources from the country's oil and gas industry. By leveraging deepwater acreage, foreign partnership, and commitment to higher production streams, the country is unlocking the wealth of opportunity for entrepreneurs as well as companies," says Verner Ayukegba, Senior Vice Price President, African Energy Chamber.