Gabon and the acquisition of Assala Energy: A strategic operation or a risky bet?
Gabon recently nationalized Assala Energy, formerly owned by investment fund Carlyle. The move reflects the government's desire to regain control of its strategic resources, particularly in the oil sector, but it raises serious concerns.
A controversial takeover
The acquisition of Assala Energy at a price many experts consider high highlights the economic challenges that Gabon is currently facing. As the country tries to turn its economy around, this acquisition risks worsening public debt. Assala’s aging infrastructure requires massive investments to modernize production sites, further increasing the financial burden. Uncertainty about short-term profitability is exacerbating the situation, with oil wells still inactive for several months due to strategic errors.
The role of GOC (Gabon Oil Company)
The management of Assala Energy has been entrusted to the Gabon Oil Company, a national company often criticized for its shortcomings in oil asset management. Its less than reassuring history and the lack of transparency on its strategy worry observers. Many doubt its ability to ensure efficient and profitable management of this new acquisition.
A compromised energy future?
The acquisition also raises questions about Gabon’s energy priorities. In a global context where the energy transition is increasingly urgent, the country seems to be increasing its dependence on oil instead of exploring more sustainable alternatives. The financial effort made for the purchase and modernization of Assala could compromise other essential investments in sectors such as renewable energy.
