Gabon’s offshore oil sector is set to receive a significant boost after Canadian company ReconAfrica secured financing of 10 million Canadian dollars, equivalent to 4.37 billion FCFA, to support its activities in the Ngulu block.
The offshore area, formerly known as the C-7 block, spans 1,214 km² in shallow waters and has been a focal point for hydrocarbon exploration.
The Ngulu block operates under a Production Sharing Contract (PSC), with ReconAfrica holding a 55% stake as the operator.
Record Resources owns 20%, Gabon Oil Company holds 15%, and the Gabonese government retains a 10% interest.
The recently secured funds are earmarked for geological and geophysical studies, the reprocessing of existing seismic data, and the evaluation and development of the block’s hydrocarbon resources, including the historic Loba field and other prospects identified using advanced seismic techniques.
“This financing represents a strategic step for ReconAfrica and the Gabonese offshore sector,” said a company spokesperson.
“It will enhance our exploration capabilities and accelerate the assessment of promising hydrocarbon prospects within the Ngulu block.”
For Gabon, the investment underscores the continued appeal of its offshore oil sector to international operators. Analysts suggest that the partnership could deliver short-term revenue benefits, stimulate local employment, and contribute to the improvement of production-related infrastructure along the coast.
The move comes as Gabon seeks to strengthen its position in the global energy market while leveraging international expertise to unlock new reserves. ReconAfrica’s entry into the Ngulu block reflects a broader trend of renewed investment in West and Central African offshore oil, driven by advances in exploration technology and favourable contractual arrangements.
The development of the Ngulu block is expected to have long-term implications for Gabon’s energy landscape, potentially boosting production capacity and reinforcing the country’s status as a key player in the region’s oil industry.
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