Oil-rich Gabon is expected to sign production-sharing contracts with British Petroleum (BP) Plc and ExxonMobil within the next four to six months as authorities move to advance offshore exploration plans, the country’s oil minister said.
Speaking at an African energy conference in Paris France on Wednesday, Oil and Gas Minister Clotaire Kondja, said negotiations with both companies were progressing after earlier preliminary agreements.
“We expect to sign contracts in the next four to six months,” Kondja said in a statement.
Both BP and Exxon had previously signed non-binding agreements with the Gabonese government to explore opportunities along the country’s Atlantic coastline.
These initial arrangements allow companies to study geological data and assess prospects before committing to full exploration programmes.
The planned production-sharing contracts would mark a transition from early-stage engagement to more concrete operational frameworks.
Exxon declined to comment on the minister’s timeline, while BP did not immediately respond to requests for comment, Reuters reported.
Renewed interest in offshore exploration
The expected agreements come at a time when major oil companies are increasing their focus on offshore basins in West and Central Africa. Companies are seeking to expand reserves as global supply conditions tighten and competition for new resources intensifies.
Gabon, a member of the Organization of the Petroleum Exporting Countries (OPEC), has been working to attract fresh investment into its upstream sector after years of declining output from ageing oil fields.
Authorities have been promoting new licensing opportunities and engaging international firms to stimulate exploration activity.
The country’s offshore acreage remains relatively underexplored compared to some neighbouring producers, but officials believe improved data and stronger partnerships could unlock new discoveries.
Efforts to sustain production and revenue
Moreover, crude oil remains a major source of revenue for Gabon, supporting government finances and foreign exchange earnings. The push to secure new production-sharing contracts is part of a broader effort to stabilise output and maintain the country’s position in global oil markets.
In recent years, the government has introduced measures aimed at improving the investment climate, including adjustments to regulatory frameworks and fiscal terms designed to make projects more attractive to investors.
The planned agreements with BP and Exxon are expected to play a role in advancing these goals, particularly if they lead to new exploration drilling and eventual development.
The renewed activity in Gabon’s oil sector reflects wider shifts in the global energy landscape, where supply disruptions and geopolitical tensions have brought increased attention to Africa’s hydrocarbon resources.
With international companies reassessing investment strategies, countries like Gabon are positioning themselves to benefit from renewed interest in offshore exploration.
If finalised within the stated timeline, the agreements with BP and Exxon could strengthen the country’s upstream sector and open the door to further investment in the years ahead.
