Bioko Island’s location in the Gulf of Guinea offers significant potential for Equatorial Guinea to serve central and western Africa as a hub for storage, aviation…
READ MOREGabon's Energy Industry
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.”
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READ MOREBW Energy has launched production at the Hibiscus South play offshore Gabon just five months after its discovery.
READ MOREGabon Oil Company will buy the Carlyle Group’s Assala Energy Holdings for USD 1.3 billion.
READ MOREPerenco has begun oil production at the offshore Hylia South West play in Gabon, the Anglo-French E&P player announced on…
READ MOREMaurel & Prom has agreed to purchase Gabon-focused oil and gas entity Assala Energy for USD 730 million, the French multinational oil company announced on…
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The members…
READ MOREBioko Island’s proximity to Cameroon, Nigeria, Gabon and Ghana presents an opportunity to develop the island into a logistical centre for the region’s oil and gas…
READ MOREIn July 2014, Indian exploration and production company Oil India (OIL) began drilling its second well at the Shakthi block, onshore Gabon, as part of the first step of…
READ MOREThe Ministry of Petroleum and Hydrocarbons has been conducting a 3D-seismic campaign to better understand its prospects ahead of a potential bidding round in 2015.…
READ MOREIn 2013, French oil company Maurel & Prom invested about $9 million in the drilling of the Kola-1 exploration and Kola-2 appraisal wells in the La Noumbi field in…
READ MOREGabon’s Oil Minister Etienne Ngoubou announced last Tuesday that three previously announced winners of offshore licences have been dropped from further…
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