Gabon, through its state oil company, the Gabon Oil Company (GOC), recently acquired 15% of the shares of the Baudroie oil field, previously held by TotalEnergies. The sale agreement, finalized on October 18, was confirmed without disclosing the transaction amount, according to local sources. This acquisition is part of the Gabonese government’s strategy to consolidate its presence in the oil sector while increasing production capacity.
Increase in oil production
The acquisition of these shares is expected to allow GOC to increase its daily oil production. Marcelin Simba Ngabi, Managing Director of GOC, stated that this operation could result in an additional production of 500 to 1,000 barrels per day. Annually, this would represent a potential increase of 180,000 to 360,000 barrels. These numbers would be added to the 45,000 barrels per day already secured following the acquisition of assets from Assala Energy Gabon earlier this year.
The Baudroie field, located in Gabon’s sedimentary basin, is considered a strategic asset for GOC. This new production capacity would help Gabon strengthen its position as an oil producer in the region, at a time when the country is looking to diversify its sources of revenue and maintain stable production in a global context marked by fluctuating oil prices.
Strengthening national oil assets
Gabon has intensified efforts to regain control of its energy assets in recent years. In addition to the acquisition of shares in the Baudroie field, GOC has also taken control of other major oil assets. These include the acquisition of Assala Energy Gabon’s assets and those of Addax Petroleum Oil & Gabon, a subsidiary of the Chinese company Sinopec. These initiatives are part of a national strategy to regain market shares held by foreign companies and develop local capacities for exploiting and managing oil resources.
According to Marcelin Simba Ngabi, GOC could continue this momentum by acquiring new shares in other companies operating in Gabon or directly taking control of operations. This strategy aligns with the Gabonese government’s goal of strengthening the country’s energy sovereignty and ensuring a better distribution of profits from the exploitation of natural resources.
Production targets for 2025
The 2025 Finance Bill, approved by the Gabonese government last September, forecasts an oil production of 11.1 million tonnes for next year. This figure represents a slight decrease of 2.1% compared to 2024. Nevertheless, with recent acquisitions and GOC’s increased capacities, Gabon could stabilize its oil production despite the challenges posed by global market conditions and price fluctuations.
The oil industry remains one of the pillars of Gabon’s economy. The government’s ongoing efforts to increase the state’s participation in oil companies operating within its borders are part of a broader intention to boost national revenues from this strategic sector.
