Gabon Petroleum targets 220,000 barrels per day oil production

Cape Town, South Africa — Gabon’s Minister of Petroleum Marcel Abeke is expected to outline how recent offshore discoveries will support production growth to 220,000 barrels per day, while sharing insight into available investment opportunities in natural gas exploration and production, at the 2024 African Energy Week (AEW).

Minister Abeke will be speaking at the African Energy Week (AEW): Invest in African Energy conference, taking place November 4-8 in Cape Town.

To increase production to upwards of 220,000 barrels per day (bpd), Gabon is incentivizing investment in frontier exploration as well as incremental drilling. Major frontier campaigns include wildcat drilling undertaken by China’s CNOOC on Blocks BC-9 and BCD-10. The company kickstarted drilling with the Tigre-1 frontier probe, targeting recoverable resources of up to 1.4 billion barrels. At AEW: Invest in African Energy 2024, Minister Abeke will unpack the benefits of investing in Gabon’s upstream market and the available block opportunities across the offshore.

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy.

To bring discoveries online faster and at a lower cost, Gabon is targeting short-cycle developments, with the government prioritizing mature assets while seeking new field discoveries. Multiple projects are underway in the country, including Perenco’s appraisal drilling at the Hylia Southwest discovery – made in 2023 – earlier this year. The company aims to unlock additional reservoirs of between 20 and 100 million barrels. Meanwhile, VAALCO Energy aims to start drilling at the Etame Marin Offshore Fields Development project in 2024. The company is currently interpreting 3D seismic data.

Gabon’s exploration drive has already yielded positive results. Oil and gas companies BW Energy and Panoro Energy made a discovery at the DHBSM-2P pilot well in May 2024. Situated on the south extension of the Hibiscus South field, the discovery revealed estimated recoverable reserves of between 5 and 6 million barrels of oil. The field lies within the larger Dussafu Marin license offshore Gabon, with targets to produce 40,000 bpd through the connection of new wells. In line with this goal, BW Energy started operations at the DHBSM-1H well in March 2024, also situated at the Hibiscus South field. Output measures 5,000-6,000 bpd.

In the natural gas sector, Gabon has ambitious targets to boost LNG capacity, reduce flaring and enhance domestic utilization. The country’s inaugural LNG facility – the Cap Lopez LNG terminal – is on track for first production in 2026. Developed by Perenco, the project features a capacity of 700,000 tons of LNG per year. In the LPG sector, Gabon started production at the Batanga LPG plant in late-2023. With a capacity to produce 15,000 tons per year, the project provides a clean and cost-effective fuel source for the nation.

“Gabon’s recent offshore discoveries highlight the potential that producing markets in Africa continue to offer. By advancing exploration in both frontier and active assets, promoting opportunities across the natural gas sector and collaborating with IOCs and regional counterparts alike, the country is making great strides towards diversifying and strengthening its energy matrix,” states NJ Ayuk, Executive Chairman of the African Energy Chamber.

Minister Abeke’s participation will support national efforts to attract fresh investment across the Gabonese oil and gas sector. His participation in panel discussions, roundtables and networking functions offers stakeholders a strategic opportunity to gain insight into the market, supporting investment decisions and future collaborations.