Gabon Accelerates Deepwater Oil Push to 220,000 BPD Target as 72% of Offshore Territory Remains Unexplored
Gabon is launching an ambitious deepwater exploration campaign to unlock vast untapped offshore resources, with the government revealing that up to 72% of the country’s deepwater acreage remains unexplored. The Ministry of Oil & Gas has designated deepwater exploration as a national priority, targeting production increases to 220,000 barrels per day.
The acceleration follows major developments in the sector, with BW Energy and VAALCO Energy recently signing production sharing contracts for the Niosi Marin and Guduma Marin blocks. These agreements include an initial eight-year exploration period with extension options and comprehensive work programs featuring exploration drilling and 3D seismic campaigns.
Recent drilling successes are fueling optimism, with Perenco’s Hylia South West discovery well encountering substantial oil-bearing columns in the Ntchengue Ocean reservoir in early 2024. CNOOC has also commenced wildcat drilling operations on Blocks BC-9 and BCD-10, seeking to discover new hydrocarbon provinces within Gabon’s deepwater territory.
The government’s revised Hydrocarbons Code, launched in 2019, has introduced improved production sharing contracts, fiscal terms, and profit-sharing models designed to attract new investment into frontier basins. This strategic framework aims to position Gabon as a competitive player in Central Africa’s energy landscape by capitalizing on its vast underexplored offshore potential.
Source: energycapitalpower.com