Accounting for more than 80% of export revenues, oil and gas remain the primary sources of energy and revenue for Gabon, which serves as Africa’s eighth-largest oil producer. The country is home to impressive resource wealth – including two billion barrels of proven oil reserves – and is aiming to expand offshore exploration, revitalize existing oilfields and drive foreign participation to mitigate declining production of mature assets. With the government adopting a more active role in the sector through the establishment of the GOC and enhanced exploration activities via the country’s 12th shallow- and deep-water licensing round in 2020, Gabon is positioning itself as a leading exploration destination and competitive African oil producer.
What makes Gabon a force to be reckoned with lies not only in its abundant reserves and decades of industry experience, but also its recent regulatory and structural reforms. By re-establishing the NOC and introducing a New Hydrocarbon Code, Gabon has been able to enhance the attractiveness of its oil and gas sector. Through independent projects as well as partnerships with International Oil Companies (IOCs), the GOC is driving Gabon’s energy sector success. Through the updated Hydrocarbon Code that aims to further liberalize Gabon’s upstream sector and offer new financial incentives to developers, the country has attracted international investment and the participation of global oil majors, despite a lack of discoveries in recent years. Notably, the Code enhances capital and technology injections in the oil and gas industry by modernizing its framework and creating an enabling environment for investors. Gabon’s energy industry is being driven by both the GOC and a variety of regional and global oil majors. Notable sector participants include Perenco, Tullow Oil plc, TotalEnergies, Vaalco Energy, and Assala Energy.