Energy major ExxonMobil has signed a non-binding memorandum of understanding with Gabon granting the company rights to explore for oil and gas off the coast of the Central African country, paving the way for future developments. The agreement marks ExxonMobil’s return to Gabon and strengthens its footprint across Africa’s oil and gas market. While specific details of the deal have not been disclosed, the memorandum of understanding covers acreage in deepwater and ultra-deepwater areas.
The move comes as Gabon strives to increase oil and gas production to upwards of 220,000 barrels per day. With 72 percent of the country’s deepwater acreage remaining unexplored, the deal signals an important step toward unlocking the potential of Gabon’s offshore basins.
Source: energycapitalpower.com / Reuters