U.S. oil giant Exxon Mobil (XOM) announced on Wednesday that it has signed a memorandum of understanding (MoU) with the government of Gabon to explore oil and gas resources off the central African country’s coast.

The non-binding agreement represents a strategic expansion of Exxon’s presence in Africa, where the company already operates in Nigeria, Angola, and Mozambique. Exxon had previously exited Equatorial Guinea in 2022.

Scope of the Agreement

An Exxon spokesperson said the company will collaborate with the Gabonese government to explore deepwater and ultra-deepwater offshore blocks for potential oil and gas production. The partnership aims to leverage Exxon’s advanced offshore exploration technology to assess Gabon’s untapped hydrocarbon resources.

Exxon’s Recent Offshore Ventures

This deal follows Exxon’s August agreement with Trinidad and Tobago, marking the company’s return to the country after more than two decades, also for deepwater exploration. The moves signal Exxon’s ongoing strategy to expand its offshore exploration footprint globally, particularly in underexplored regions with significant resource potential.

Key Takeaways

• MoU with Gabon: Focus on deepwater and ultra-deepwater offshore oil and gas exploration
• Africa operations: Nigeria, Angola, Mozambique; exited Equatorial Guinea in 2022
• Global strategy: Expansion into underexplored offshore regions, including recent return to Trinidad and Tobago

The agreement with Gabon reflects Exxon Mobil’s continued commitment to offshore exploration, aiming to secure long-term growth opportunities in global oil and gas markets.