Gabon’s Petroleum Minister Marcel Abeke to Address Key Developments at African Energy Week 2024

Marcel Abeke, Gabon’s Minister of Petroleum is set to join the prestigious African Energy Week known by its acronym AEW. Invest in African Energy conference, taking place from November 4-8 in Cape Town. As a speaker, Minister Abeke will share how Gabon’s latest offshore discoveries are poised to drive significant growth in the country’s oil production. He will also delve into the many opportunities available for investment in Gabon’s burgeoning natural gas exploration and production sectors. In an effort to boost production to 220,000 barrels per day (bpd), Gabon is ramping up efforts to attract investment in both frontier exploration and incremental drilling operations. Among the standout campaigns is the wildcat drilling initiative by China’s CNOOC on Blocks BC-9 and BCD-10. This initiative saw the start of drilling with the Tigre-1 well, which is targeting potential recoverable resources of up to 1.4 billion barrels. During AEW 2024, Minister Abeke will highlight the advantages of investing in Gabon’s upstream sector, discussing the available offshore block opportunities.

As the premier platform for energy operators, financiers, technology providers, and government representatives, the AEW Invest in African Energy event has solidified its status as the go-to place for deal-making in the African energy sector.

Gabon is also placing a focus on short-cycle developments, a strategy aimed at bringing discoveries into production faster and at lower costs. This approach prioritizes mature assets while encouraging exploration of new fields. One notable project is Perenco’s appraisal drilling at the Hylia South West discovery, which was made in 2023. This project aims to unlock an additional 20 to 100 million barrels of oil. Meanwhile, VAALCO Energy is preparing to initiate drilling at the Etame Marin Offshore Fields in 2024, with 3D seismic data interpretation currently underway.

Gabon’s exploration strategy is already producing positive results. In May 2024, BW Energy and Panoro Energy made a discovery at the DHBSM-2P pilot well, located on the southern extension of the Hibiscus South field. This discovery holds an estimated 5-6 million barrels of recoverable oil. Situated within the Dussafu Marin license offshore Gabon, the field aims to produce 40,000 bpd by connecting new wells. BW Energy has already commenced operations at the DHBSM-1H well, producing between 5,000 and 6,000 bpd.

Gabon’s ambitions also extend into the natural gas sector, where the country aims to expand its liquefied natural gas (LNG) production, reduce gas flaring, and increase domestic usage. The Cap Lopez LNG terminal, set for completion in 2026, will be Gabon’s first LNG facility. With an annual capacity of 700,000 tons, the terminal is being developed by Perenco. Additionally, the Batanga LPG plant, which began operations in late 2023, has a production capacity of 15,000 tons per year, providing Gabon with a cleaner, more affordable energy source. "Gabon’s offshore discoveries emphasize the wealth of opportunities that Africa’s established energy markets still present. By focusing on both frontier and active exploration, advancing natural gas prospects, and fostering partnerships with international oil companies and regional peers, Gabon is strengthening and diversifying its energy portfolio," commented NJ Ayuk, Executive Chairman of the African Energy Chamber.

Minister Abeke’s presence at AEW 2024 will further Gabon’s efforts to attract new investment to its oil and gas sectors. His participation in various panels, roundtable discussions, and networking sessions will offer key insights into Gabon’s market, supporting stakeholders in making informed investment decisions and fostering future collaborations. For more information related to this visit http://www.AECWeek.com.