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The Central African country of Gabon is one of the largest oil producers in Africa. With over 2 billion barrels of proven oil reserves, the country plans to increase its oil production to 220,000 barrels per day by promoting investment into upstream on- and offshore exploration and through the redevelopment of marginal fields to boost the socio-economic development of the country.

In a keynote address at the African Energy Week: Invest in African Energies 2024 conference being held in Cape Town this week, Gabon’s Minister of Petroleum, Marcel Abeke, outlined how recent offshore oil discoveries are expected to support production growth in the country.

The Minister highlighted the favorable economic regime created within the country through the investor-friendly reforms included in the updated Hydrocarbons Code introduced in 2019. Abeke, who is also the President of the Organization of the Petroleum Exporting Countries (OPEC) for 2024, said Gabon is targeting short-cycle developments to bring discoveries online faster and at a lower cost, while also prioritizing mature assets and seeking new field discoveries.

In line with this vision, the Minister told delegates that Gabon has signed seven production-sharing contracts. The two most recent, the Niosi Marin and Guduma Marin exploration blocks, were signed in October 2024. He noted that an additional four production-sharing contracts are in the pipeline. He said these are at an advanced stage and expected to be signed before the end of the year.

In addition to the country’s upstream potential, the Gabon Oil Company’s recent acquisition of Assala Energy’s assets in Gabon underscores its commitment to revitalizing the sector, optimizing mature fields, and driving long-term economic growth.

Like many other countries around the world, Abeke said Gabon is progressing its energy transition from fossil fuels to renewables and other energy alternatives. As a result, he said, gas is expected to play a role in the country’s energy transition.

In the natural gas sector, Gabon has ambitious targets to boost LNG capacity, reduce flaring and enhance domestic utilization. The country’s inaugural LNG facility – the Cap Lopez LNG terminal – is on track for first production in 2026. Developed by independent hydrocarbon producer, Perenco, the project features a capacity of 700,000 tons of LNG per year. In the LPG sector, Gabon started production at the Batanga LPG plant in late-2023. With a capacity to produce 15,000 tons per year, the project provides a clean and cost-effective fuel source for the nation.

Meanwhile, the Minister said the finalization of the Mayumba gas-to-power plant aims to improve power availability in the south of the country where several industrial projects are underway and in the pipeline.

“As a country in economic and social transition, Gabon offers an opportunity for those who want to join us in this venture,” he said.

Abeke said Gabon’s resource endowment presents an opportunity for all, adding that: “When investing in Gabon’s hydrocarbons, you will find a fair legal playing field and social stability.”