TotalEnergies EP Gabon reported solid financial results for the first quarter of 2024, posting a net profit of USD 25 million — up 14% year-over-year. Operating cash flow surged to USD 95 million, marking a 64% increase, while revenue climbed 14% to USD 120 million. The growth was fueled by higher average selling prices, increased sales volumes, and enhanced crude oil quality.
Crude oil production averaged 17.2 Mb/day during the quarter, supported by improved compressor availability at the Torpille and Eel fields, along with the successful implementation of initial well intervention operations using the Pulling Unit. These operational enhancements not only boosted output but also solidified the company’s position in Central Africa’s energy sector.
In addition to its financial achievements, TotalEnergies EP Gabon is now expanding its strategic vision toward renewable energy. During an official meeting with Gabon’s Minister of Economy and Participation, Mr. Mays Mouissi, CEO Xavier Rouzeaud expressed the company’s interest in investing in wind and solar power projects within the country.
Despite ongoing political uncertainty following the recent military-led coup, Gabon continues to attract foreign investors due to its untapped economic potential — particularly in energy. TotalEnergies EP Gabon signaled a strong commitment to participating in projects led by Gabon’s Power Company (GPC), aiming to co-develop and co-finance clean energy initiatives that support the country's socio-economic growth in a sustainable and profitable manner.
The government of Gabon welcomed this interest. Minister Mouissi emphasized the importance of strategic partnerships like TotalEnergies in driving the country’s energy transition and encouraged collaboration with the Ministry of Energy to explore technical aspects of the proposed projects.
Gabon still faces significant challenges in energy access. More than 350,000 of its 2 million citizens lack stable electricity, and even those connected to the grid often experience frequent power outages — affecting daily life and productivity.
Amid these challenges, renewable energy presents a promising path forward. Wind turbines and solar power systems can provide sustainable solutions to Gabon’s electricity shortfall, reduce dependence on fossil fuels, and contribute to environmental protection.
Partnerships between the Gabonese government and global energy players like TotalEnergies EP Gabon are seen as a vital step toward energy security and sustainable economic development. With the right investment and execution, Gabon has the potential to become a model for green transition in Sub-Saharan Africa.
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