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Gabon's Energy Industry

Gabon

in figures

Oil reserves2 billion barrels

Oil production210,000 bopd

Gas reserves26 bcm

Gas production368 mcm

Gabon: Deepwater Potential

Gabon’s oil and gas industry is older than the country itself. Oil was first discovered near the African nation’s capital of Libreville in 1931 when it was still a French colony. During the 1960s the nation saw a flurry of exploration and production activity, which led to a dramatic increase in production. In 1996, the country saw record production of 365,000 bopd. However, maturing fields and lack of major new finds has led to a significant decrease in output. Nevertheless, Gabon remains in the top five oil producers in Sub-Saharan Africa and a member of OPEC.

The sector is overseen by Gabon’s Ministry of Petroleum and Hydrocarbons, which runs its upstream bid rounds and enforces state policies. In 2011, the country created its own NOC, Gabon Oil, to increase the state’s participation in equity stakes, production earnings and downstream activities. IOCs have been quick to join local operations, particularly in offshore E&P activities, including TotalEnergies, Assala Energy, Perenco and Vaalco Energy.

The government is now looking to attract investment in exploration operations to stabilise its economy, which traditionally accounts for less than 50% of Gabon’s GDP and 75% of the country’s export earnings. Gabon’s deep offshore region has geological formations reminiscent of Brazil’s successful deepwater pre-salt plays. The government harbours hopes of sparking a similar pre-salt boom in Gabon.

 “We are driven by one major goal: capturing value in a responsible manner while respecting our values of performance, solidarity, integrity and good governance,” ex-administrator and general director of Gabon Oil told The Energy Year.Gabon Oil is fully aware of its responsibility to society. It supports the state in the implementation of its social and environmental policies and the protection of vulnerable populations.”

BW Energy makes substantial oil discovery offshore Gabon
NEWS
Gabon - May 21, 2024

BW Energy has made a substantial oil discovery in the Hibiscus field offshore Gabon.

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Angola's growing role as a logistics hub
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Angola - March 11, 2024

Angola is modernising its logistics network in a move to diversify its economy and capitalise on its geographical location.

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BW Energy reaches first oil at Gabon play
NEWS
Gabon - March 08, 2024

BW Energy has launched production at the Hibiscus South play offshore Gabon just five months after its discovery.

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Gabon to buy Carlyle Group’s Assala holding for $1.3 billion
NEWS
Gabon - February 19, 2024

Gabon Oil Company will buy the Carlyle Group’s Assala Energy Holdings for USD 1.3 billion.

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Perenco starts oil production in Gabon
NEWS
Gabon - October 16, 2023

Perenco has begun oil production at the offshore Hylia South West play in Gabon, the Anglo-French E&P player announced on Friday.

The company’s subsidiary Perenco…

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OPEC+ makes surprise call to curb oil production
NEWS
Multinational - April 03, 2023

OPEC+ has called for further cuts to crude oil production causing a rise in oil futures, the international oil and gas organisation announced on Sunday.

The members…

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Perenco contains oil leak in Gabon
NEWS
Gabon - May 02, 2022

Perenco has halted operations on its Cap Lobez oil terminal near Port Gentil in Gabon due to an oil leak, the London-headquartered company announced on…

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Nigeria - April 26, 2022

Osam Iyahen, an investment professional at Africa Finance Corporation (AFC), talks to The Energy Year about the Dangote Refinery project, AFC’s ecosystem model and its…

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