• TotalEnergies, Perenco, and Assala Energy account for over 80% of Gabon’s oil production, estimated between 220,000 and 236,000 barrels per day.
• The government plans to revive declining output by opening over 70% of its oil acreage still available for development.
• Gabon is preparing a major reform of its hydrocarbon code, splitting the existing law into separate petroleum and gas frameworks.

Gabon is turning to foreign oil companies to revive its declining crude output as the country’s mature fields continue to deplete, according to the Ministry of Petroleum cited by local media on Oct. 16.

The government aims to leverage more than 70% of its oil acreage still open to exploration to offset production losses and sustain hydrocarbon revenues. The move comes as Gabon struggles to reverse a decade-long output decline caused by aging fields and limited new discoveries.

Foreign operators remain central to this strategy. In the third quarter of 2025, TotalEnergies, Perenco, and Assala Energy collectively produced more than 80% of Gabon’s national output, which averaged between 220,000 and 236,000 barrels per day from late 2024 to early 2025.

Gabon’s upstream oil sector remains concentrated among a handful of international companies that control most of the capital and technical resources. Perenco continues to operate mature onshore and shallow-water fields, while TotalEnergies holds several offshore blocks currently under evaluation.

In 2024, state-owned Gabon Oil Company (GOC) began acquiring Assala Energy, formerly owned by the U.S. fund Carlyle Group, for about $1.3 billion, according to Enerdata. The acquisition increased state participation in upstream operations, though production remains largely driven by foreign operators.

Hydrocarbons continue to dominate Gabon’s economy. According to Trade.gov, oil accounted for about 51% of GDP in 2022 and nearly 80% of exports. The sector’s contraction has had a direct impact on fiscal revenues, underscoring the urgency of the government’s recovery plan.

In early October 2025, Agence Ecofin reported that Gabon was preparing a major overhaul of its hydrocarbon legislation. The reform would replace the unified 2019 Hydrocarbon Code with two distinct laws—one governing petroleum and the other covering gas—aimed at attracting new investment and clarifying fiscal terms.

As the government pushes for diversification and renewed energy output, the pace of foreign investment will determine how quickly Gabon can stabilize its production and safeguard public revenues.

This article was initially published in French by Abdel-Latif Boureima

Adapted in English by Ange Jason Quenum