Gabon’s Minister of Petroleum, Marcel Abeke, announced on April 23, 2026, that the government is on track to sign definitive production sharing contracts (PSCs) with ExxonMobil and BP within the next six months. Speaking at an official briefing in Libreville, Abeke confirmed that both energy majors have already entered into preliminary exploration agreements for offshore acreage, signaling a major step toward finalizing their operational commitments in the country.
The upcoming contracts are the result of several months of technical negotiations following the signing of Memoranda of Understanding earlier this year. According to the Ministry of Petroleum, the agreements will cover high-potential deepwater blocks in the Gulf of Guinea. The specific terms of the PSCs are being drafted under the framework of the 2019 Hydrocarbons Code, which was designed to improve the investment climate by offering more flexible fiscal terms, including lower royalty rates and improved cost-recovery mechanisms for international operators.
Minister Abeke stated that the government’s priority is to reverse the trend of declining production from Gabon’s aging onshore and shallow-water fields. Current national production remains near 200,000 barrels per day, and the administration views deepwater exploration as the primary path to increasing output. The minister noted that the entry of ExxonMobil and BP reflects renewed confidence in Gabon’s regulatory stability and the geological potential of its offshore basins.
For ExxonMobil, these contracts mark a significant expansion of its footprint in West Africa, following a period of portfolio high-grading. BP’s involvement aligns with its strategy to secure low-cost, high-margin oil and gas resources while expanding its presence in the African energy market. While the total investment figures for the exploration phase remain confidential until the final signing, industry standards for deepwater blocks of this nature suggest initial commitments for seismic acquisition and exploratory drilling will reach hundreds of millions of dollars.
The Gabon Oil Company (GOC), the state-owned national oil firm, is expected to maintain a mandatory 10% to 15% carried interest in the new projects, as stipulated by national law. Minister Abeke emphasized that the government is working to streamline the approval process to ensure that seismic activities can begin as early as the first quarter of 2027. He further clarified that these agreements are part of a broader national effort to modernize the energy sector and integrate local content requirements, ensuring that Gabonese firms and workers benefit from the anticipated increase in offshore activity.
The Ministry of Petroleum plans to provide a detailed update on the specific block assignments and the final fiscal structures once the six-month negotiation window concludes in October 2026. This move is seen as a cornerstone of Gabon’s strategy to maintain its status as a key producer within the Organization of the Petroleum Exporting Countries (OPEC).