The Gabonese oil sector has been booming in recent weeks. Following the signing of the memorandum of understanding with British Petroleum, but also with the company Pilgrim Exploration Limited, the Gabonese State signed, on October 30, a new Production Sharing and Exploration Contract (PSEC) “Konzi – Ayol n° G5-146” with the Gabon Oil Company (GOC).
Represented by the Minister of Petroleum and Gas, Sosthène Nguema Nguema, the State, by signing the “Konzi-Ayol” Production Sharing and Exploration Contract (PSEC) No. G5-146 with the National Hydrocarbons Company, also known as Gabon Oil Company (GOC), represented by its Managing Director, Marcellin Simba Ngabi, on October 30, confirms its commitment to developing its existing resources rather than focusing solely on new discoveries. Furthermore, this agreement aims to further solidify the government’s policy of building a strong, transparent, and competitive national oil sector, serving the Gabonese people.
The Konzi field, located approximately 9 kilometers offshore in the northern part of the country, is one of Gabon’s oldest oil assets, discovered in 1962 and brought into production in 1984. With an initial volume in place of 62.7 million barrels, it still contains 1.8 million barrels of recoverable oil thanks to modern techniques such as gaslift and well optimization. The oil produced, of API 39° quality, is suitable for local refining and export, and has a direct connection to the Mboumba–Cap Lopez pipeline, facilitating a rapid and cost-effective resumption of operations.
The Ayol field, located near Grondin, has significant potential with an estimated volume of 48 million barrels. Despite a production halt since 2010, the favorable reservoir pressure (202 bar) and appreciable permeability (50 to 350 mD) suggest the possibility of redeployment through modern reconditioning and enhanced recovery (EOR) technologies. The rehabilitation work will include platform upgrades, replacement of corroded piping, and securing the facilities in accordance with international HSE standards.
This redevelopment will extend the economic life of the two historic oil fields while strengthening Gabon’s energy sovereignty. In addition, it will stimulate local employment and promote skills transfer in the oil industry, thereby maximizing national added value. The Gabon Oil Company is thus positioned as the state’s operational arm in developing its strategic oil resources.
Minister Sosthène Nguema Nguema welcomed GOC’s commitment and assured that the ministry would support this project on technical, economic and environmental levels.
