Gabon's national oil group Gabon Oil Company (GOC) has agreed an oil production contract, turning to upstream activities. The Mboumba field will raise GOC's production to around 1,500 bbl/d, compared to a total crude oil production in Gabon of 220,000 bbl/d.
The national oil company was created in 2011 to own and manage government stakes in oil fields as well as their revenues. The company has mainly focused its activities on selling crude oil produced by international companies (Shell Gabon, Total and Perenco control 3/4 of the national oil production) and refined products. GOC aims to optimise its revenues onshore to become a major company with offshore finds within two or three years.
In 2012, GOC signed its first Exploration and Production contract for the marginal field of Remboué, which was given up by Addax Pétroleum. Gabon Oil Company holds an 80% stake and the State 20%.