ExxonMobil has signed a non-binding memorandum of understanding (MoU) with the government of Gabon to explore deepwater and ultra-deepwater offshore oil and gas reserves. The deal marks a strategic expansion for ExxonMobil in Africa, where it currently operates in Nigeria, Angola, and Mozambique, following its exit from Equatorial Guinea in 2022, as reported by Reuters.
The partnership aims to reinvigorate Gabon’s oil production, which has declined from a peak of 370,000 barrels per day in 1997 to approximately 240,000 barrels per day in recent years. Gabonese officials expressed optimism that collaboration with ExxonMobil will help reverse production declines and attract further international investment into the country’s energy sector.
ExxonMobil’s move is part of a broader surge in offshore exploration across Africa, driven by rising global energy demand and the pursuit of untapped hydrocarbon resources. The company is also exploring deepwater opportunities in Trinidad and Tobago, marking a return after more than two decades, according to Reuters.
The agreement underscores ExxonMobil’s commitment to expanding its global portfolio and supporting the development of Africa’s energy infrastructure, while reinforcing Gabon’s ambitions to boost production and strengthen its role in the regional oil market.
