US energy giant ExxonMobil is planning to re-enter Gabon’s upstream oil sector through a new exploration agreement, industry sources have confirmed, in a major return to the Central African nation after a decade-long absence.
According to sources cited by S&P Global Commodity Insights on Thursday, ExxonMobil has reached a deal with Gabon’s government to explore offshore blocks in the country’s deepwater basin, where depths reach up to 7,000 meters below sea level.
The agreement is expected to be formalized in the coming weeks, pending final regulatory approvals.
The move signals renewed interest in Gabon’s hydrocarbon potential, particularly in its offshore acreage, which has attracted growing attention from international oil companies amid global efforts to secure new reserves.
Gabon, a member of OPEC, currently produces around 200,000 barrels of oil per day and is seeking to boost output through fresh investment and exploration.
Despite hosting one of Africa’s largest oil reserves, Gabon has long relied on oil as its primary export and revenue source.
Oil remains central to the country’s economy, accounting for:
- 45% of GDP
- 60% of public revenue
- 67% of total exports
ExxonMobil’s operations in Gabon
ExxonMobil previously operated in Gabon for over 50 years before exiting in 2015.
Before then, the company was involved in both onshore and offshore oil production, contributing significantly to Gabon’s output and infrastructure.
Its departure was part of a broader strategic shift, but left a gap in technical capacity and investment.
However, in August 2025, Gabon’s Minister of Petroleum, Sosthen Nguéma, met with an ExxonMobil delegation to initiate discussions on offshore deepwater exploration.
Its return is seen as a vote of confidence in the country’s energy sector, which has undergone reforms aimed at improving transparency and investor appeal.
The Gabonese government has yet to publicly comment on the reported deal, but officials have recently stressed their commitment to revitalizing the oil and gas industry as part of broader economic diversification efforts.
If finalised, the agreement would position ExxonMobil alongside other major players such as TotalEnergies and Perenco, who continue to operate in Gabon’s upstream sector.
Recent upstream developments
Meanwhile, state-owned Gabon Oil Company (GOC) recently bought Tullow Oil’s assets for $307 million, ending the latter’s 21 year presence in the Central African country’s upstream sector.
The acquisition increases Gabon’s control over its petroleum resources and supports state revenue goals.
This followed the signing of a $1 billion EPCCI contract in May 2025 for Gabon’s ambitious Cap Lopez Floating Liquefied Natural Gas (FLNG) project.
The project will leverage existing offshore gas fields and ageing infrastructure to produce approximately 700,000 tons of LNG per year as well as 25,000 tons of LPG per year in the first phase.
