Exxon Mobil announced Wednesday it signed a memorandum of understanding with Gabon to explore offshore oil and gas reserves. The non-binding agreement signals the U.S. oil giant’s continued expansion across Africa, where it already operates in Nigeria, Angola, and Mozambique.
The company exited Equatorial Guinea in 2022, reflecting a strategic reshaping of its African operations and investment priorities on the continent. An Exxon spokesperson said the firm will partner with Gabonese authorities to probe deepwater and ultra-deepwater offshore areas for potential hydrocarbons.
In August, Exxon reached a similar agreement with Trinidad and Tobago, marking its return to the country after more than two decades. The Gabon deal underscores Exxon’s strategy to pursue offshore exploration in regions offering significant untapped reserves and long-term growth potential.
Analysts say deepwater exploration carries high costs and technical challenges but could yield substantial oil and gas resources if successful. Exxon’s move aligns with a broader industry trend of expanding offshore operations amid global energy demand and supply uncertainties.
The company has maintained a cautious yet ambitious approach, balancing exploration opportunities with market volatility and evolving environmental regulations. This latest agreement positions Exxon to deepen its footprint in strategic African waters, potentially shaping the region’s energy landscape for years.