Luanda: Sosthene Nguema Nguema, the Minister of Oil and Gas of Gabon, has joined this year’s Angola Oil and Gas (AOG) conference as a keynote speaker. The event, taking place in Luanda from September 3-4, marks a significant step as Gabon shifts its focus towards deepwater exploration and production. This strategic move aims to unlock additional resources across the nation’s offshore acreage. Angola, recognized as one of Africa’s leading deepwater producers, offers valuable experience in the sector, presenting an opportunity for collaboration between the two countries.
According to African Press Organization, Gabon is aiming to boost its production to 220,000 barrels per day (bpd). To attract new investments into its frontier basins, Gabon is revising its Hydrocarbons Code, initially launched in 2019. The revised code features enhancements to production sharing contracts (PSCs), fiscal terms, and profit-sharing mechanisms. With 72% of Gabon’s deepwater acreage still unexplored, the Ministry of Oil and Gas is prioritizing deepwater investment and inviting investors to explore deepwater blocks.
Several major industry players are already expanding their portfolios in this promising market. Companies such as BW Energy, VAALCO Energy, CNOOC, and Perenco are actively engaged in tapping into Gabon’s commercial oil and gas deposits. BW Energy, in partnership with VAALCO Energy, recently signed PSCs for the Niosi Marin and Guduma Marin exploration blocks, which include an eight-year exploration period and a two-year extension option. The partners plan to drill one well and undertake a 3D seismic acquisition campaign. Additionally, Perenco made a significant discovery in early 2024 with the Hylia South West project, uncovering substantial oil-bearing columns in the Ntchengue Ocean reservoir. Meanwhile, CNOOC initiated wildcat drilling on Blocks BC-9 and BCD-10 in 2023. These initiatives aim to unlock a new hydrocarbon province in Gabon’s deepwater regions.