Oil India's president, Ranjit Rath, confirmed on 17 September 2026 that his group and its partner Indian Oil Corporation are withdrawing from the Shakthi-II offshore oil block in Gabon, Gabonreview reports. The two Indian companies each held 50% of the licence, obtained through a production-sharing contract signed in January 2014.
According to the outlet, during the second exploration phase, running from April 2017 to 15 April 2025, both partners had committed to carrying out additional drilling work. Part of this work was not completed, which triggers a contractual penalty owed to the Gabonese state.
The penalty amounts to about 10 million dollars, or close to 5.6 billion CFA francs, split equally between Oil India and Indian Oil Corporation. Gabonreview notes that no public document confirms, at this stage, that the sum has actually reached the Gabonese Treasury, and calls for the real payment of the funds to be tracked.
