Gabon Targets BP, Exxon Deals Within Six Months to Advance Offshore Exploration

Minteesinot Niggusie

Gabon is preparing to sign production-sharing contracts with two international oil groups, in a move expected to formalise new offshore exploration efforts within months. Talks with BP and Exxon Mobil are advancing, with agreements anticipated to be finalised within four to six months.

Energy minister Clotaire Kondja said during an industry gathering in Paris that the negotiations follow earlier non-binding arrangements that granted both companies access to assess offshore blocks along Gabon’s Atlantic coastline.

These new steps are laying the groundwork for potential long-term investment. The planned contracts align with a renewed push by global oil companies toward West Africa, where offshore basins remain relatively underexplored and offer scope for expanding reserves.

This strategic move is expected to support Gabon's economic growth and oil sector advancement.

Global players are eager to uncover new reserves in the region to counter declining outputs elsewhere.