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Gabon’s deepwater risk: can BP and Exxon Mobil revive a declining oil basin?

Oil drilling rig Photo Marian Lupan @ Unsplash
Oil drilling rig Photo Marian Lupan @ Unsplash

Brandon Orion Mensah

Brandon Mensah tracks Africa’s markets, uncovering the forces shaping investment, policy, and financial trends.
  • BP, Exxon eye ultra-deepwater return
  • Fiscal overhaul aims to unlock new capital

 

LIBREVILLE, GABON – Gabon is racing to secure fresh oil investment, targeting ultra-deepwater exploration to reverse declining output and reposition itself as a frontier energy hub.

Gabon plans to finalise production-sharing contracts (PSCs) with BP Plc and Exxon Mobil Corp. by October 2026, marking a strategic return of global “supermajors” to a basin long plagued by stagnation.

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