• Koreg signs two new oil contracts, expanding onshore and offshore presence

• Gabon grants seven EPSCs to local firms in six months to boost participation

• Koreg aims for upstream integration as Auto block nears production phase

Gabonese oil company Koreg is stepping up the expansion of its upstream activities. Local media reported on Tuesday, November 11, that the company has signed two new Exploration and Production Sharing Contracts (EPSCs) for the offshore Shakti-III block and the onshore Lila block, both in Ogooué-Maritime Province.

The agreements were signed by Petroleum and Gas Minister Sosthène Nguema Nguema as part of a government effort to award more licenses to national operators. With these deals, Gabon has granted seven EPSCs to local companies over the past six months. Koreg is now one of the few domestic firms operating in both onshore and offshore areas, segments historically dominated by foreign groups.

Strengthening Operational Presence

The new contracts significantly expand Koreg’s operational footprint, moving the company beyond simply holding permits to managing a portfolio of blocks that includes both exploration areas and assets approaching potential production. Koreg’s Deputy Director General Victor Mouwoyi-Mangongo told local media that the agreements demonstrate “the ability of national companies to carry out oil projects.”

Koreg already operates the Auto block, which the company says is advancing toward the production phase after 15 months of development. Its growing presence across several permits shows the company is taking an important step toward upstream integration, a key milestone for any emerging oil operator.

A Shift Toward Local Operators

Through these awards, the government aims to give national companies a larger role in a sector long led by foreign players. For now, the two new EPSCs signed with Koreg remain at the contract stage, with no public information available on reserves, work programs or exploration timelines.

Gabon produced about 235,000 barrels per day in January 2025, according to CEIC Data. The main challenge for domestic operators is to build a durable position in a demanding and highly competitive industry.

Abdel-Latif Boureima