Latest news with #SosthèneNguema
Zawya
08-07-2025
- Business
- Zawya
Gabon Oil & Gas Minister Joins African Energy Week (AEW) 2025 Amid Drive to Develop Deepwater Assets
Sosthène Nguema Nguema, Minister of Oil&Gas of Gabon, has joined the African Energy Week (AEW): Invest in African Energies conference to discuss the country's strategic shift towards deepwater exploration. Taking place September 29 to October 3 in Cape Town, the event represents the largest of its kind on the continent and serves as the platform of choice for global operators, financiers and service providers. Minister Nguema's participation reflects the country's drive to work with global partners to unlock greater value from Gabon's oil and gas sector and is expected to create new opportunities for collaboration and investment. With over two billion barrels of proven oil reserves and significant gas potential, Gabon seeks to increase national oil production to upwards of 220,000 barrels per day (bpd) in the short to medium term. To achieve this goal, the country is promoting fresh investment across undeveloped acreage, notably deepwater basins, which offer significant upside potential. Deepwater exploration and production will not only generate significant returns for operators but support the country's economic growth objectives. To entice deepwater investment, Ministry of Oil&Gas is leveraging policy reform to create a more competitive business environment for foreign operators. Following the implementation of the Hydrocarbon Code in 2019, the new government has sought to strengthen fiscal terms and regulations even further. Upcoming amendments are geared towards foreign capital and will significantly improve Gabon's business climate. AEW: Invest in African Energies 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. Visit for more information about this exciting event. Beyond new investments, Gabon continues to drive a series of ambitious oil and gas projects. At the forefront of this is independent energy company Perenco's Cap Lopez LNG terminal – situated at the existing Cap Lopez oil terminal. The $2 billion development will introduce a FLNG vessel to the market, designed to monetize the country's offshore gas reserves and reduce gas flaring. The FLNG unit features 700,000 tons of LNG and 25,000 tons of LPG, with storage capacity of 137,000 cubic meters. Production is slated for 2026, setting the country up for accelerated energy growth and diversification. Beyond Cap Lopez, Perenco's Gabonese projects seek to bolster national oil and gas production. The company continues to expand its upstream footprint with the commissioning of the Kombi 2 platform on the Kombi- -Likalala-Libondo II permit. Currently under construction by Dixstone at the Nieuwdorp shipyard in the Netherlands, the platform is scheduled to depart in October and enter into operation offshore Pointe-Noire by early next year. In addition to Perenco, other companies are also driving ambitious projects. Notably, BW Energy signed production sharing contracts for exploration blocks Niosi Marin and Guduma Marin in 2024, covering an eight-year exploration period with a two-year extension option. The company – alongside its partner VAALCO Energy – plans to spud a well while carrying out a 3D seismic campaign. BW Energy also has stakes in the Dussafu license, which features 14 producing wells tied back to a FPSO through a 20km pipeline. Meanwhile, China's CNOOC launched wildcat drilling on Blocks BC-9 and BCD-10 in early-2023 on the back of 1.4 billion barrels of recoverable resource potential. The state-owned Gabon Oil Company (GOC) is also ramping up its investments. The company acquired Tullow Oil's entire Gabonese portfolio for a sum of $300 million, a transaction that includes 10,000 bpd in production and 36 million barrels of proven reserves. GOC is committed to enhancing oil production through partnerships with international operators and strategic investments in exploration and production. Minister Nguema's participation at AEW: Invest in African Energies 2025 will serve to advance the country's oil and gas industry goals. During the event, he is expected to share insights into the country's exploration and production landscape, highlighting upcoming investment opportunities and areas of collaboration. Through his participation, operators will gain first-hand insight into the country's oil and gas sector. 'Gabon is implementing a strategic development agenda, aimed at unlocking greater resources from the country's oil and gas industry. By focusing on deepwater acreage, working closely with international partners and committing to enhanced production flows, the country is creating a wealth of opportunities for both companies and entrepreneurs,' states Verner Ayukegba, Senior Vice Price President, African Energy Chamber. Distributed by APO Group on behalf of African Energy Chamber.
Zawya
02-07-2025
- Business
- Zawya
Open for Business: Gabon Launches Deepwater Exploration Drive
The newly appointed Minister of Oil and Gas of Gabon HE Sosthène NGUEMA is shifting its focus to deepwater oil and gas exploration under efforts to bring new projects online and mitigate Central and West African production decline. With 72% of the country's deepwater acreage unexplored and only 28% developed to date, the country has set plans in motion to revise existing petroleum laws to offer fresh incentives that encourage deepwater exploration and investment. As the voice of the African energy sector, the African Energy Chamber (AEC) commends the aggressive investment strategy being implemented by the Ministry of Petroleum. In recent months, we have seen an assertive Gabonese Government, through its NOC Gabon Oil, play a stronger role in the ownership, and commercialization of legacy assets with takeovers such as that of Carlyle owned Assala. Now, the shift to deepwater exploration offers new investment prospects for foreign operators. The AEC believes that ongoing regulatory reforms, a focus on deepwater investments and greater collaboration with international oil companies (IOC) will transform Gabon's oil and gas industry, supporting greater production and the development of a new hub for refined product distribution in Central Africa. We believe that Gabon has a potential to produce close to 1 million barrels of oil per day. With over two billion barrels of proven oil reserves and significant gas potential, Gabon has set a goal of holding production above 220,000 barrels per day (bpd) for the short to midterm The shift to deepwater exploration stands to play an instrumental part in supporting this goal by unlocking new discoveries across the country's offshore basins mid to long term. Regulatory reform represents a cornerstone of the country's exploration strategy, with potential improvements to petroleum legislation set to strengthen the competitiveness of investing in Gabon's deepwater blocks. In 2019, the country introduced its Hydrocarbons Code. The new government seeks to go even further, recognizing the presence of stiff competition from other offshore destinations globally. The code featured amendments to production sharing contracts (PSC), state profitability and tax, therefore providing a quicker path to profitability for foreign operators. Looking ahead, further revisions of this code stand to support new investment, encouraging deepwater exploration and new forays by global operators. Major players are already active in Gabon, with ongoing developments underscoring the potential available across Gabon's offshore blocks. Exploration and production company BW Energy, for example, signed PSCs for exploration blocks Niosi Marin and Guduma Marin in 2024, covering an eight-year exploration period with a two-year extension option. BW Energy and its partner on the block VAALCO Energy have committed to drilling one well as well as carrying out a 3D seismic acquisition campaign. BW Energy also has stakes in the Dussafu license, which features 14 producing wells tied back to a FPSO through a 20km pipeline. Partners on the license include the state-owned Gabon Oil Company (GOC) and Panoro Energy. Independent oil and gas company Perenco spud the Hylia South West discovery in Gabon in early 2024, revealing substantial oil-bearing columns in the Ntchengue Ocean reservoir. Chinese oil firm CNOOC launched wildcat drilling on Blocks BC-9 and BCD-10 in early-2023 on the back of 1.4 billion barrels of recoverable resource potential, with future discoveries set to double Gabonese oil production while de-risking deepwater exploration. Despite these developments, much of Gabon's deepwater potential remains underexplored, highlighting a strategic opportunity for both active and potential players. Increased hydrocarbon production in tandem with future deepwater discoveries are expected to support Gabon's broader goals of creating a regional petroleum hub in Gabon. Strategically positioned on the West coast of Central Africa, Gabon is making strides towards enhancing oil and gas refining, storage and distribution capacity. Major infrastructure projects signal the country's intention to become a petroleum hub. Notably, Perenco is advancing the development of the Cap Lopez LNG terminal in Gabon, targeting first production by 2026. Situated at the existing Cap Lopez oil terminal, the $2 billion project will introduce a FLNG vessel designed to monetize offshore gas reserves and reduce flaring. The FLNG vessel will feature a production capacity of 700,000 tons of LNG and 25,000 tons of LPG, supported by a storage capacity of 137,000 cubic meters. The project complements the Batanga LPG facility, which came online in December 2023 with a target production capacity of 15,000 tons of LPG annually. Beyond LNG and LPG, Gabon is working towards enhancing refining capacity with plans to expand its sole operating refinery - SOGARA – from 1.2 million tons to 1.5 million tons of crude. This expansion would enable the country to achieve self-sufficiency in refined petroleum products by 2030. The minister and his team have also prioritized the increase of storage capacity for refined products in the country from currently 60 days to 90 days of consumption in an effort to strengthen energy security and make shortages an element of the past. 'Deepwater exploration and production stands to transform Gabon's economy, with potential discoveries supporting the development of a new petroleum hub in Central Africa. Through its aggressive investment campaign, commitment to regulatory reform and engagement with IOCs, the Ministry of Petroleum is strengthening the competitiveness of doing business in Gabon,' states Verner Ayukegba, Senior Vice President at the AEC. Distributed by APO Group on behalf of African Energy Chamber.
