Gabon is moving closer to new offshore energy deals, signalling renewed investor confidence in its untapped Atlantic oil reserves.
The country expects to sign production-sharing contracts with BP and Exxon Mobil within four to six months, its oil minister said.
Speaking in Paris, Oil and Gas Minister Clotaire Kondja outlined the timeline during an African energy conference gathering industry leaders and policymakers.
The anticipated agreements follow preliminary, non-binding deals that allow both companies to explore blocks off Gabon’s Atlantic coastline.
Major oil firms have increasingly turned to West Africa, drawn by promising geology and the need to replenish declining global reserves.
Gabon, long reliant on hydrocarbons, hopes fresh exploration will revive production and strengthen its economic outlook amid fluctuating oil markets.
Kondja expressed confidence in the process, stating the government expects formal contracts to be finalised within months if negotiations proceed smoothly.
Neither BP nor Exxon Mobil immediately responded to requests for comment, leaving details of investment scale and timelines undisclosed.
The developments highlight intensifying competition for African energy assets, as global players seek new frontiers in a shifting energy landscape.