• Gabon targets oil contracts with BP and Exxon within six months
• Talks focus on deep and ultra-deep offshore blocks
• Reforms aim to attract investment and sustain production

Gabon plans to finalize oil agreements with BP and ExxonMobil within three to six months, according to Oil Minister Clotaire Kondja. The announcement was made during the “Invest in Africa Energy” forum held in Paris on April 22–23.

The timeline outlined by the minister involves two phases. First, reconnaissance agreements are expected to be converted into exploration commitments within three to four months. This would be followed by the signing of production sharing contracts (PSCs) within six months.

The negotiations build on memorandums of understanding signed with both companies in October 2025. They concern offshore blocks located in deep and ultra-deep waters, areas that remain largely underexplored.

The initiative is part of Gabon’s broader strategy to revive its oil sector through offshore development. According to Kondja, not all operators are willing to engage in deepwater exploration, making it a strategic segment for attracting investment. The government aims to renew reserves and sustain national production at a time when several producing fields are reaching maturity.

Negotiations alongside regulatory reform

To support this effort, Gabon has been revising its petroleum legal framework to improve sector attractiveness. In November 2025, former Oil Minister Sosthène Nguema Nguema introduced a new system separating a petroleum code and a gas code, including the removal of signature bonuses for deep offshore projects.

Authorities have since clarified the reform’s details. The new framework is designed to align contractual terms with the specific challenges of deepwater operations. By eliminating signature bonuses in these areas, the government aims to attract companies capable of deploying significant financial and technical resources.

At the same time, Gabon Oil Company (GOC) has strengthened its position in the sector. It acquired Assala Energy in 2024, followed by Tullow Oil’s assets in 2025. These transactions represent around 10,000 barrels per day in production and 36 million barrels in proven reserves.

In parallel, Gabon plans to open new exploration areas through offshore licensing rounds scheduled for 2026, covering about 70% of the country’s still unexplored zones.

Abdel-Latif Boureima