A central focus is Gabon’s underexplored deepwater acreage, which remains largely untapped despite significant geological potential. The Ministry of Petroleum has launched a concerted push to attract new entrants, particularly independent and mid-cap operators, through flexible PSC terms, streamlined permitting, and data accessibility. As noted by Minister Nguema Nguema in recent statements, Gabon’s deepwater drive forms a critical part of its strategy to remain competitive in a shifting global energy landscape.
The American international oil and gas company Hess Corporation (Hess) is looking for partner(s) for Block 59 in offshore Suriname. Hess is now the only party in the block after ExxonMobil (USA) and Equinor (Norway) transferred their respective interests to it in July 2024.
Stepping into 2024, Africa is emerging as a strong contender in the global petroleum market. Boasting crude oil reserves of approximately 125 billion barrels and natural gas reserves of roughly 620 trillion cubic feet (tcf), Africa’s oil and gas industry holds ambitious plans to deliver economic diversification, job creation and energy security through the development and monetization of these resources.