Gabon's Energy Industry

Gabon: Deepwater Potential

Gabon’s oil and gas sector is older than the country itself. Oil was first discovered near Libreville in 1931 when the country was still a French colony. During the 1960s Gabon 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 10 oil producers in sub-Saharan Africa and is a member of OPEC.

The sector is overseen by the Ministry of Petroleum and Hydrocarbons, which runs its upstream bid rounds and enforces state policies. IOCs – including TotalEnergies, Petronas, Perenco and Vaalco Energy – have been particularly active in offshore E&P activities. In 2011, the country created an NOC, Gabon Oil Company (GOC), to increase state participation in equity stakes, production earnings and downstream activities. Today, GOC has evolved into a national upstream leader, acquiring major assets from Tullow Oil and Assala Energy to boost output to around 50,000 bopd and gain key infrastructure. Focused on self-financing, efficiency, and international standards, the company combines near-term production gains with long-term exploration.

Gabon’s government is seeking to attract new investment in oil and gas exploration to help stabilise the economy. The sector, vital to the country’s fiscal health, currently accounts for around one-third of GDP but contributes around 75% of 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.