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International oil companies in Gabon have adopted a ‘business as usual’ approach since General Brice Clotaire Oligui Nguema’s coup last August, as expressed by Vaalco Energy’s chief executive George Maxwell in an interview with African Energy. But the government’s decision to step in and use the state-owned Gabon Oil Company to acquire Assala Energy – thus sidelining French independent Maurel & Prom which had planned to buy the business – points to a more activist approach from the recently-installed authorities in Libreville.

US independent Vaalco Energy is aiming to double oil production to over 50,000 b/d within three years, with its African operations playing a significant role in the uplift alongside a continuing M&A strategy, chief executive George Maxwell told African Energy.

Privately-owned indie Perenco has long been a significant upstream player in west and central Africa and it is now extending its position with new discoveries and plans to increase production in Chad, Republic of Congo and elsewhere, as its general manager Benoît de la Fouchardiere tells African Energy.

Tullow has agreed a $400m, five-year debt facility with commodities trader Glencore Energy, giving the UK indie a financial boost. The two sides have also agreed two oil marketing and offtake contracts, which will run concurrently with the debt agreement.

A group of multinational investors led by the International Finance Corporation (IFC) have provided finance for the development of the 35MW Kinguélé Aval hydroelectric power plant in Gabon’s Estuaire region.

Perenco Oil & Gas has announced the start of production from the Hylia South West oil discovery, offshore Gabon. Output is averaging 3,000 b/d, the Paris-based company said.

The abrupt end to the Bongo family’s decades-long rule seems to have caused barely a ripple among Gabon’s international and commercial partners – in contrast to the impact of the spate of coups d’état further north – as General Brice Oligui Nguema’s takeover is seen as an inside job that is generally supported across the population. While Gabon’s elite jockeys for position, the critical oil sector appears to have been largely unaffected – for now.

Tullow said it would add about 5m barrels of net 2P reserves under a new agreement with Libreville to extend several of its licences in Gabon.

Most big oil companies reported a sharp falls in profits in Q2 2023, but Africa still figures prominently in results and future plans – and where it doesn’t majors are able to divest at least some of their more attractive assets.

Lagos-headquartered multilateral the Africa Finance Corporation (AFC) has set out its stall as a financier and partner for the continent’s energy transition, with a strategy to support renewable energy and critical minerals projects around the continent, as well as the development of battery manufacturing supply chains. The AFC also plans to continue supporting short- to medium-term energy needs by backing upstream and midstream gas projects and gas-to-power (GTP) developments. Marc Howard spoke to AFC executive director and chief investment officer Sameh Shenouda during the recent Africa Energy Forum in Nairobi.

While energy majors are pouring large sums into African markets such as Namibia that, until recently, had often been overlooked, the situation for independent oil and gas companies is also changing.

Chinese engineering, procurement and construction contractor Sinohydro Corporation has started recruiting 700 construction workers for the Kinguélé Aval hydroelectric power (HEP) plant on the M’Bei River in Estuaire province.

Amid a waning consensus over strategy, the Opec+ meeting in early June broke up with African members unhappy at an unwelcome squeeze on their future production while Saudi Arabia made a unilateral output cut of 1m b/d, reflecting Riyadh’s determination to shape market forces, writes Jon Marks.

The offshore Dussafu permit is the focus of a six-well drilling campaign, as Gabon looks to address its declining oil production from maturing fields, while IOCs rationalise their assets and plan further exploration, writes James Gavin.

The International Monetary Fund has trimmed its economic growth expectations for sub-Saharan Africa in its latest World Economic Outlook to 3.6% for 2023. Low-income countries are expected to outperform most of their richer neighbours, but some analysts have warned the IMF is being overly optimistic.