LIBREVILLE, October 16, 2023 – Perenco has begun oil production at the offshore Hylia South West play in Gabon, the Ango-French E&P player announced on Friday. The company’s subsidiary Perenco Oil & Gas Gabon (POGG) achieved initial flows of 3,000 bopd from the Hylia South West-1 well.
Why is Gabon’s oil industry on the rise?
Gabon’s oil industry is on the rise after facing uncertainty due to price crashes and pandemic disruptions. With renewed interest from investors and regulatory changes, Gabon is making strides towards reaching its ambitious oil production targets. Learn about the key players and strategies driving this resurgence.
How much oil will Gabonese produce in 2023?
In 2019, the Gabonese government had set an ambitious target of 220,000 bpd of crude oil production by 2023. Although that target was missed, production in April stood at 200,000 bpd, up from 180,000 in 2020.
Why is Gabon redeveloping oil fields?
Given Gabon’s background, it is no surprise that much of the country’s upstream efforts are being focused on the redevelopment of mature or marginal oil fields. Prioritizing short-cycle developments generate cash flow at lower cost by utilizing existing discoveries and infrastructure, which can bring production online within a few years.
What does Gabon’s acquisition mean for Africa’s Oil & Gas sector?
The acquisition reflects Gabon’s broader oil and gas sector revitalization strategy, which will be explored at the upcoming Invest in African Energy (IAE) forum in Paris this May.
How much oil does Gabon produce?
Since peaking in 1997, Gabon’s oil production has decreased by more than a third. Oil now accounts for 38.5 percent of the economy, according to the International Monetary Fund. By 2025, the country aims to reduce that to 20 percent. Guides remove branches blocking a forest path in a national park near Libreville.