Gabon’s newly-appointed Minister of Oil & Gas has committed to unlock new resources across the country’s oil and gas sector but shifting focus towards deepwater exploration.
Sosthène Nguema Nguema, Minister of Oil & Gas of Gabon, has joined the African Energy Week (AEW): Invest in African Energies conference to discuss the country’s strategic shift towards deepwater exploration. Taking place September 29 to October 3 in Cape Town, the event represents the largest of its kind on the continent and serves as the platform of choice for global operators, financiers and service providers. Minister Nguema’s participation reflects the country’s drive to work with global partners to unlock greater value from Gabon’s oil and gas sector and is expected to create new opportunities for collaboration and investment.
With over two billion barrels of proven oil reserves and significant gas potential, Gabon seeks to increase national oil production to upwards of 220,000 barrels per day (bpd) in the short to medium term. To achieve this goal, the country is promoting fresh investment across undeveloped acreage, notably deepwater basins, which offer significant upside potential. Deepwater exploration and production will not only generate significant returns for operators but support the country’s economic growth objectives. To entice deepwater investment, Ministry of Oil & Gas is leveraging policy reform to create a more competitive business environment for foreign operators. Following the implementation of the Hydrocarbon Code in 2019, the new government has sought to strengthen fiscal terms and regulations even further. Upcoming amendments are geared towards foreign capital and will significantly improve Gabon’s business climate.
AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit http://www.AECWeek.com for more information about this exciting event.
Beyond new investments, Gabon continues to drive a series of ambitious oil and gas projects. At the forefront of this is independent energy company Perenco’s Cap Lopez LNG terminal – situated at the existing Cap Lopez oil terminal. The $2 billion development will introduce a FLNG vessel to the market, designed to monetize the country’s offshore gas reserves and reduce gas flaring. The FLNG unit features 700,000 tons of LNG and 25,000 tons of LPG, with storage capacity of 137,000 cubic meters. Production is slated for 2026, setting the country up for accelerated energy growth and diversification. Beyond Cap Lopez, Perenco’s Gabonese projects seek to bolster national oil and gas production. The company continues to expand its upstream footprint with the commissioning of the Kombi 2 platform on the Kombi- -Likalala-Libondo II permit. Currently under construction by Dixstone at the Nieuwdorp shipyard in the Netherlands, the platform is scheduled to depart in October and enter into operation offshore Pointe-Noire by early next year.
In addition to Perenco, other companies are also driving ambitious projects. Notably, BW Energy signed production sharing contracts for exploration blocks Niosi Marin and Guduma Marin in 2024, covering an eight-year exploration period with a two-year extension option. The company – alongside its partner VAALCO Energy – plans to spud a well while carrying out a 3D seismic campaign. BW Energy also has stakes in the Dussafu license, which features 14 producing wells tied back to a FPSO through a 20km pipeline. Meanwhile, China’s CNOOC launched wildcat drilling on Blocks BC-9 and BCD-10 in early-2023 on the back of 1.4 billion barrels of recoverable resource potential. The state-owned Gabon Oil Company (GOC) is also ramping up its investments. The company acquired Tullow Oil’s entire Gabonese portfolio for a sum of $300 million, a transaction that includes 10,000 bpd in production and 36 million barrels of proven reserves. GOC is committed to enhancing oil production through partnerships with international operators and strategic investments in exploration and production.
Minister Nguema’s participation at AEW: Invest in African Energies 2025 will serve to advance the country’s oil and gas industry goals. During the event, he is expected to share insights into the country’s exploration and production landscape, highlighting upcoming investment opportunities and areas of collaboration. Through his participation, operators will gain first-hand insight into the country’s oil and gas sector.
“Gabon is implementing a strategic development agenda, aimed at unlocking greater resources from the country’s oil and gas industry. By focusing on deepwater acreage, working closely with international partners and committing to enhanced production flows, the country is creating a wealth of opportunities for both companies and entrepreneurs,” states Verner Ayukegba, Senior Vice Price President, African Energy Chamber.
*African Energy Chamber
