7.500
%
Uncertain
117
mm boe
0
%
Political tension rose after the dismissal of the prime minister in 2025, and institutions remain weak. Shell and Galp hold offshore exploration blocks, but there is no commercial discovery yet. Outlook maintained because political tension and unproven prospectivity leave the outlook unclear. Outlook: Uncertain. Risk premia unchanged at 7.5%.
October 9, 2026
Africa - West
mm bbl
bcf
Central Africa, islands in the Gulf of Guinea, straddling the Equator, west of Gabon.
PSC/PSA
Production sharing regime. In its own EEZ the National Petroleum Agency (ANP-STP) awards blocks only through competitive licensing rounds, as PSCs with royalty, cost recovery and profit sharing, with ANP-STP typically carried for around 10–15%; the Joint Development Zone with Nigeria is administered separately under a treaty that gives Nigeria 60% of revenues. Shell, TotalEnergies, Petrobras, Galp and Kosmos hold acreage. Wells at Jaca-1 (2022) and Falcão-1 (2025) confirmed a working petroleum system but no commercial discovery. A 2026 round for Blocks 7, 8 and 9 offered up to 85% interests, but ANP-STP rejected the only two bids in July 2026.
Political tension rose after President Carlos Vila Nova dismissed Prime Minister Patrice Trovoada in January 2025, following a failed coup attempt in 2022. US and UK guidance cite a tiny market, aid dependence, weak institutions and frequent power shortages. There is no oil production; Shell and Galp hold offshore exploration blocks, and the joint development zone with Nigeria has yielded no commercial development.
Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.
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