| Study Period | 2021 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Historical Data Period | 2021 - 2023 |
| CAGR | 2.00% |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Gabon Oil and Gas Market Analysis by Mordor Intelligence
The Gabon Oil and Gas Market is expected to register a CAGR of greater than 2% during the forecast period.
The market was negatively impacted by the COVID-19 pandemic in 2020. However, the market has reached pre-pandemic levels.
Updated hydrocarbon code and upcoming projects are expected to drive the market's growth during the forecast period. However, the lack of downstream sector infrastructure has been restraining the market's growth.
However, in July 2019, Gabon adopted the Hydrocarbon code 2019 to liberalize the market studied by providing more attractive opportunities to companies investing in Gabon's oil and gas sector. Financial incentives and the promotion of investment from private companies are a few changes adopted in this law.
Gabon Oil and Gas Market Trends and Insights
Upstream Sector to Drive the Oil and Gas Market
According to OPEC's World-proven oil reserves, there are more than 2 billion barrels of offshore and onshore reserves in Gabon, primarily located in South West of Gabon. This predicts a potential market for development, particularly for upstream oil and gas companies.
In 2021, with 30 oilfields in production, Gabon was the eighth-largest oil-producing country in Africa. However, most of the fields have been declining, which has led to a drop in oil production from 236 thousand barrels in 2011 to 181 thousand barrels in 2021. With the 12th offshore license distribution for deepwater projects backed up by the new hydrocarbon code, the interest of major oil and gas companies has been observed in recent years. These companies are expected to make large-scale investments during the forecast period. In November 2022, BW Energy started preparing to kick off a drilling campaign in the country's offshore Hibiscus and Ruche fields. The project is on track for the first oil in the late first quarter of 2023.
Therefore, huge reserves of proved oil reserves and updated policies are anticipated to boost the growth of the upstream sector, assisting in achieving the aim to increase oil production by 50% in the near future.
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Updated Hydrocarbon Code and Upcoming Projects to Drive the Market
The oil and gas market accounted for a significant share of Gabon's GDP and export earnings. Diminishing production and the oil price resulted in lower investment in the oil and gas sector, resulting in the implementation of the new hydrocarbon code.
In July 2018, Gabon implemented a new Hydrocarbon code with significant updates to lure investments from the international market. Even with decreasing oil and gas prices and changes in contract share and contract tenure, the government continued with the same policy in 2022.
The state's participation has been reduced to 10% during the development and exploitation phase, in addition to a possible 10% acquisition at the market price of shares in any oil and gas producer's share capital.
However, there has been no new licensing round since the 12th Licensing Round in November 2018, slightly restraining the market's growth.
Therefore, due to favorable market conditions and the presence of huge reserves, the oil and gas sector is anticipated to witness investment and growth during the forecast period.
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Competitive Landscape
The Gabon oil and gas market is partially fragmented. The major companies include (in no particular order) Perenco SA, TotalEnergies SE, Assala Energy, Maurel et Prom SA, Gabon Oil Company, and others.
Gabon Oil and Gas Industry Leaders
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Perenco SA
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Maurel et Prom SA
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Gabon Oil Company
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Assala Energy
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TotalEnergies SE
- *Disclaimer: Major Players sorted in no particular order
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Recent Industry Developments
In April 2021, Petronas awarded a contract to Maersk Drilling to provide a deepwater drillship rig for one-well drilling work offshore Gabon. The contract was awarded for drilling an ultra-deepwater exploration well located at approximately 2,100 m water depth in Block F13 offshore Gabon.
In December 2021, TotalEnergies concluded the sale of its portfolio of mature non-operated assets located offshore Gabon to Perenco. The divested assets' production stood at 8,400 barrels of oil equivalent per day for the first three quarters of 2021.
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Gabon Oil and Gas Market Report Scope
Oil and gas refer to petroleum, natural gas, other related hydrocarbons or minerals, and all other substances produced or extracted in the association.
The market is segmented by sector into upstream, midstream, and downstream. The report offers a crude oil production forecast (thousand barrels per day).
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Key Questions Answered in the Report
What is the current Gabon Oil and Gas Market size?
The Gabon Oil and Gas Market is projected to register a CAGR of greater than 2% during the forecast period (2025-2030)
Who are the key players in Gabon Oil and Gas Market?
Perenco SA, Maurel et Prom SA, Gabon Oil Company, Assala Energy and TotalEnergies SE are the major companies operating in the Gabon Oil and Gas Market.
What years does this Gabon Oil and Gas Market cover?
The report covers the Gabon Oil and Gas Market historical market size for years: 2021, 2022, 2023 and 2024. The report also forecasts the Gabon Oil and Gas Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Gabon Oil and Gas Market Report
Statistics for the 2025 Gabon Oil and Gas market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Gabon Oil and Gas analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
