Exxon Mobil (NYSE:XOM) said Wednesday it signed a memorandum of understanding with the government of Gabon to explore deepwater and ultra-deepwater offshore areas, but provided no further details.
The move marks an expansion of Exxon’s (NYSE:XOM) activities in Africa, adding to operations in Nigeria, Angola and Mozambique, although the company decided in 2022 to exit Equatorial Guinea.
Exxon (XOM) previously was active in the African country, making a discovery there with Chevron in 2006, but it does not currently hold any Gabonese oil acreage.
Gabon is battling to reverse production declines in the country, as its crude output has declined from a peak of 370,000 bbl/day in 1997 to 240,000 bbl/day in August 2025, according to S&P Global Commodity Insights.
The government reportedly wants an aggressive exploration campaign, including seismic acquisition, ahead of a first well to be drilled after 18 months.