Exxon Expands African Footprint With New Gabon Offshore Agreement

Exxon Mobil has signed a memorandum of understanding (MoU) with the Government of Gabon to explore deepwater and ultra-deepwater offshore oil and gas blocks, signaling a renewed push into Africa’s energy sector.

While details of the agreement remain limited, the move expands Exxon’s presence across Africa, where it already operates in Nigeria, Angola, and Mozambique. The company exited Equatorial Guinea in 2022 but now appears poised to re-establish itself in Central Africa through Gabon’s resource-rich coastline.

Gabon’s government, keen to reverse declining oil output, has been courting new investors to boost exploration. The country’s crude production has fallen from a peak of 370,000 barrels per day in 1997 to about 240,000 barrels per day in August 2025, according to S&P Global Commodity Insights.

The agreement reportedly includes plans for an aggressive exploration campaign, beginning with seismic surveys ahead of a first exploratory well expected within 18 months.

For Exxon, this partnership represents not just a business expansion, but also a strategic foothold in Africa’s emerging offshore frontier — a region attracting global interest due to its vast untapped reserves.

For Gabon, the deal is a sign of renewed investor confidence following months of fiscal pressure and political transition. It underscores the country’s efforts to balance economic stability with energy-led growth, particularly as it diversifies beyond traditional crude production.

Africa’s evolving energy landscape continues to draw major international players, positioning the continent as a critical player in the global energy transition — not just as an exporter, but as an emerging hub for sustainable, technology-driven exploration.