ExxonMobil signs exploration agreement with Gabon

LIBREVILLE, October 24, 2025 – ExxonMobil has signed an MoU with the government of Gabon to explore for oil and gas offshore the Central African nation, Reuters reported on Wednesday.

The report noted that the non-binding agreement marks a return to expansion in Africa by the US energy giant, which maintains operations in Nigeria, Angola and Mozambique after exiting Equatorial Guinea in 2022.

Gabon’s oil output has stabilised around 200,000 bopd in recent years, supported by mature-field redevelopments and new offshore tie-backs. Independents have led growth, with BW Energy expanding production through the BW Adolo FPSO at Dussafu Marin, while Perenco remains the country’s top producer and midstream operator via the Cap Lopez terminal.

A 2019 Hydrocarbons Code reform improved fiscal terms and attracted new PSCs. Following the 2023 coup, the State strengthened its role in the sector: Gabon Oil Company acquired Assala Energy from Carlyle in mid-2024, bringing roughly a quarter of national output under state control.

Perenco also advanced the country’s first LNG project at Cap Lopez, targeting 2026 start-up to monetise associated gas and cut flaring.

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