With a goal to increase production to 220,000 barrels per day (bpd), Gabon is revising its Hydrocarbons Code – launched in 2019 and featuring improvements to production sharing contracts (PSC), fiscals and profit sharing – to entice new investment into frontier basins. The Ministry of Oil & Gas has identified deepwater investment as a strategic priority given that up to 72% of the country’s deepwater acreage remains unexplored. As such, the government is inviting investment into deepwater blocks.

Major players are already ramping up their portfolios across the market, seeking to tap into commercial oil and gas deposits. Examples include BW Energy, VAALCO Energy, CNOOC and Perenco. BW Energy and its partner VAALCO Energy recently signed PSCs for exploration blocks Niosi Marin and Guduma Marin, covering an eight-year exploration period with a two-year extension option. The partners will drill one well and conduct a 3D seismic acquisition campaign. Perenco spud the Hylia South West discovery in early 2024, revealing substantial oil-bearing columns in the Ntchengue Ocean reservoir, while CNOOC launched wildcat drilling on Blocks BC-9 and BCD-10 in 2023. These projects seek to unlock a new hydrocarbon province in Gabon’s deepwater acreage.

Angola’s deepwater oil and gas projects have positioned the country as one of the continent’s leading deepwater producers. The majority of the country’s one million bpd of crude production is derived almost entirely from the offshore fields of Cabinda together with the deepwater fields of the Lower Congo basin. Looking ahead, upcoming projects are expected to further consolidate Angola’s position as a deepwater leader. These include the Agogo Integrated West Hub, an ultra-deepwater development spearheaded by Azule Energy. The project will start operations in H2, 2025, adding 120,000 bpd to the producing Block 15/06 complex. The country’s first non-associated gas project – featuring the Cameia and Golfinho fields – is also advancing and is expected to bolster gas production through the monetization of Angola’s deepwater reserves. The project – led by the New Gas Consortium – targets first gas production by 2026. In offshore Kwanza, the basin’s first large deepwater development plans a 2028 start. Dubbed the Kaminho deepwater development, the project achieved a final investment decision in 2024 and will produce 70,000 bpd via an FPSO unit.

By leveraging Angolan collaboration, Gabon stands to benefit from substantial deepwater experience, supporting project development as well as the creation of a new deepwater players in Central Africa. Minister Nguema’s participation at AOG 2025 reflects the country’s commitment to working with regional partners to advance oil and gas development and is expected to unlock new opportunities for collaboration, trade and investment.