Gabon Oil and Gas Market Size (2024 - 2029)

Gabon Oil and Gas Market Size Summary

The Gabon oil and gas market is poised for growth, driven by an updated hydrocarbon code and new projects that are expected to attract significant investments. The market, which experienced a downturn due to the COVID-19 pandemic, has rebounded to pre-pandemic levels. The 2019 adoption of the Hydrocarbon Code aimed to liberalize the sector by offering financial incentives and promoting private investment, which has sparked interest from major oil and gas companies. Despite challenges such as declining oil production and limited downstream infrastructure, Gabon boasts substantial offshore and onshore reserves, particularly in the southwest, presenting opportunities for upstream development. The government's efforts to increase production by 50% in the near future are supported by the distribution of offshore licenses for deepwater projects, which have drawn the attention of major industry players.

The oil and gas sector is a crucial component of Gabon's economy, contributing significantly to GDP and export earnings. However, diminishing production and fluctuating oil prices have led to reduced investments, prompting the implementation of the new hydrocarbon code to attract international interest. The government's strategy includes reducing its stake in development and exploitation phases, aiming to create a more favorable investment climate. Despite the absence of new licensing rounds since 2018, the market remains partially fragmented with key players like Perenco SA, TotalEnergies SE, and Assala Energy actively involved. Recent activities, such as Petronas awarding a contract to Maersk Drilling for deepwater exploration and TotalEnergies' divestment of mature assets to Perenco, highlight ongoing developments in the sector. These factors collectively suggest a positive outlook for investment and growth in Gabon's oil and gas market during the forecast period.