Gabon’s Petroleum Ministry signs 7 new production agreements

Recently, Gabon has made seven new exploration and production sharing agreements with Sinopec Overseas & Gas limited, Assala Upstream Gabon, Perence Oil & Gas Gabon Limited and Assala Gabon SA.

Gabon’s Minister of Petroleum and Hydrocarbons, H.E. Noël Mboumba signed the agreement. This is said to be the outcome of central African country’s revised hydrocarbons code that seeks to create a more competitive environment for oil and gas investment.

The contract made by Gabon’s petroleum department is further said to be driving USD 250 million in investments with assets in the Ogooué-Maritime province covering approximately 2829,35 square kilometers.

“We think there is real potential in these fields, most of the EPSA’s that were signed today are being discovered. And we think, that with the new technologies, we will be able to develop and increase the level of our production and our oil reserves,” H.E. Noël Mboumba said.

On the other hand, the signing of the new exploration and production sharing agreements’ (EPSA) spoke to the attractiveness of the country’s new hydrocarbons code that was enacted in July 2019 and has already seen the signing of nine new petroleum agreements.

Boasting 2.5 billion barrels in proven oil reserves, Gabon is one of the more established hydrocarbons producers in the Gulf of Guinea and, is currently on a mission to increase its oil production by 50 percent by 2020-2021. The signing of these agreements set the Central African country well on track.

Since its launch in November 2018, Gabon’s 12^th shallow and deep-water licensing round is still underway and is expected to conclude in January 2020.