Gabon's Energy Industry
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.”
Maurel & Prom has agreed to purchase Gabon-focused oil and gas entity Assala Energy for USD 730 million, the French…READ MORE
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