LAGOS, Nigeria (VOICE OF NAIJA)- In a bid to affirm its commitment to maximizing production and attracting new players to Gabon’s upstream space, Gabon Oil Company (GOC) will participate as a Platinum Sponsor at the Invest in African Energy 2024 forum.
GOC, the Gabon’s national oil company (NOC), is leading efforts to increase production to 220,00 barrels per day on the back of accelerated on- and offshore exploration and the redevelopment of mature and marginal fields.
According to release distributed by APO Group on behalf of Energy Capital & Power, last February, the NOC acquired the Gabonese assets of US private equity firm Carlyle, the owner of Gabon-focused oil and gas company, Assala Energy, which included seven onshore production licenses, a pipeline network and the Gamba export terminal.
“While historically serving as a partner to the country’s leading operators, operating only the onshore Mbouma field, GOC is seeking to transform into a more competitive upstream player and is in talks with foreign partners to acquire new technologies aimed at halting declining production,” it stated.
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According to the statement, IAE 2024 is an exclusive forum designed to foster collaboration between European investors and African energy markets.
Taking place from May 14-15, 2024, in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors, and policymakers.
Meanwhile, the statement noted that Event & Project Director at event organizer, Energy Capital & Power, Sandra Jeque said gas monetization has emerged as a key focus area for Gabon, as the country seeks to eliminate gas flaring, harness untapped associated gas reserves and establish a broad range of gas-based industries.
“GOC is currently evaluating commercial gas reserves and outlining the investments needed to develop the country’s downstream sector and associated infrastructure.
“A dedicated “Invest in Gabon” session at the upcoming forum will unpack the country’s oil and gas sector revitalization strategy, with a view to attracting new investments from IOCs.
“GOC has made clear its commitment to revitalizing Gabon’s oil production through renewed exploration and a field optimization strategy. Its participation at IAE 2024 supports Gabon’s efforts to attract new investors and promote its investment opportunities on the global stage,” she said.