Gabon Draws Energy Giants as Organization of the Petroleum Exporting Countries (OPEC) Spotlights African Market Potential

 

Gabon is signaling renewed interest from major international energy companies as it looks to expand oil and gas development across the country’s largely untapped reserves, according to remarks from Minister of Oil&Gas Sosthène Nguema Nguema at the OPEC-Africa Roundtable during African Energy Week 2025.

“We have international partners who have expressed interest in coming to Gabon,” Nguema said, noting that 72% of the nation’s resources remain unexploited and that gas will be a key component in driving industrialization. He added that the country expects to formalize a major agreement in the coming month.

Discussions highlighted Africa’s growing significance in the global energy landscape. OPEC Secretary General Haitham Al Ghais noted that the continent is both a rising consumer and a critical supplier. “Africa is not just on the supply side – it’s a rapidly growing consumer. The continent’s crude consumption is expected to reach 4.5 million barrels per day by 2050,” he said, stressing that inclusive energy strategies must account for both development and climate considerations.

Nigeria’s Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, underscored the scale of required investment. “We need approximately $540 billion annually in upstream oil and gas alone,” he said, adding that Africans must develop local solutions for sustainable growth. He highlighted gas as a clean fuel key to expanding LPG availability and industrial development.

Bruno Jean-Richard Itoua, Minister of Hydrocarbons for the Republic of Congo, underscored the role of investment in Congo’s production expansion. “In five years, we will double production from around 260,000 to 500,000 barrels per day,” he said, while highlighting continued collaboration with OPEC to maintain market stability. “More production coming from OPEC members is good news… if OPEC members are bringing more investment, it’s the best way to stabilize markets.”

The session also explored Africa’s energy security and the potential for local solutions. Al Ghais noted OPEC-backed studies on LPG, clean hydrogen and the cost of renewables, emphasizing the need for country-specific approaches. “It is really unjust to deny developing regions the right to develop and use their energy resources. We need a country-by-country approach to energy security, affordability and tackling climate change,” he said.

Distributed by APO Group on behalf of African Energy Chamber.