KEY POINTS
- ExxonMobil signs a memorandum of understanding with Gabon to explore deepwater and ultra-deepwater offshore oil and gas reserves.
- The agreement marks Exxon’s continued push into African frontier markets, following operations in Nigeria, Angola, and Mozambique.
- It follows a similar deal in August with Trinidad and Tobago, signalling the company’s renewed exploration momentum.
ExxonMobil has entered into a new memorandum of understanding (MoU) with the government of Gabon, setting the stage for potential oil and gas exploration off the coast of the Central African nation.
The non-binding agreement signals the American energy giant’s renewed interest in expanding its footprint across Africa, where it already operates in Nigeria, Angola, and Mozambique.
ExxonMobil had previously withdrawn from Equatorial Guinea in 2022, citing operational and strategic shifts.
Gabon partnership reflects ExxonMobil’s deepwater ambitions across Africa
According to an ExxonMobil spokesperson, the agreement will enable both parties to assess the potential of deepwater and ultra-deepwater offshore areas for future development.Â
The move aligns with the company’s broader strategy of exploring frontier regions that could yield significant long-term reserves amid shifting global energy dynamics.
In recent months, ExxonMobil has been on a quiet but steady expansion trail. In August, the firm signed a similar exploration agreement with the government of Trinidad and Tobago, marking its return to the Caribbean nation after more than two decades.
Industry watchers say the Gabonese partnership could mark a significant step for the West African country as it seeks to attract fresh investment into its offshore sector, which has seen reduced activity from major players in recent years.
For ExxonMobil, the deal offers another opportunity to consolidate its deepwater portfolio at a time when competition for new discoveries is intensifying globally.
