Gabon is calling for renewed international investment in its oil and gas sector, focusing on marginal oil fields to counteract declines from aging reservoirs. Aristide P. Nyamat Bantsiva, General Director of Upstream Oil and Gas, highlighted the government’s push to revitalize production from mature fields and capitalize on untapped resources.
Gabon’s 2019 Hydrocarbon Code reforms, which include flexible production sharing contracts and tax incentives, aim to stimulate exploration. The country has more than 30 marginal discoveries across onshore and offshore blocks, which officials hope will drive sustainable production growth and economic revitalization. Bantsiva noted that Gabon has over two billion barrels of proven oil reserves and substantial gas potential, yet only 27.5% of its 255,104 square kilometers total acreage is currently licensed, leaving nearly 185,000 square kilometers open for investment.
The government, through partnerships with operators such as Perenco, BW Energy, and state-owned Gabon Oil Company, is leveraging enhanced oil recovery technologies and redeveloping underutilized assets to maximize output from mature fields. Independent energy company Perenco is investing $2 billion into the Cap Lopez LNG terminal, deploying a floating LNG vessel capable of producing 700,000 tons of LNG and 25,000 tons of LPG. BW Energy also signed production sharing contracts for the Niosi Marin and Guduma Marin blocks in 2024.
With established infrastructure including over 225 kilometers of gas pipelines, 7 million barrels of storage capacity, and a functioning refinery system, Gabon offers opportunities for investors to participate in Africa’s energy development.
Source: eurasiareview.com