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ExxonMobil Acquires Exploration Acreage Offshore Ghana

Source: www.gulfoilandgas.com 1/18/2018, Location: Africa

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ExxonMobil has signed a petroleum agreement with the government of Ghana to acquire exploration and production rights for the Deepwater Cape Three Points block. The agreement is subject to parliamentary ratification.

Exploration activities, including acquisition of seismic data and analysis, are expected to commence later in 2018. The Deepwater Cape Three Points block, located 57 miles (92 kms) off the coast of Ghana, measures approx. 366,000 acres (1,482 sq kms) in water depths ranging from 5,085 feet to 9,350 feet (1,550 meters to 2,850 meters).

'The addition of this block reaffirms ExxonMobil’s commitment to pursuing high-quality projects in areas with large resource potential,' said Steve Greenlee, president of ExxonMobil Exploration Company. 'We are excited to partner with the government of Ghana as we employ our significant upstream experience and technological expertise in assessing the exploration opportunities in this block.'

ExxonMobil will carry out the work program as operator, and holds 80 percent interest. Ghana National Petroleum Corp holds 15 percent interest. ExxonMobil will work with the government to identify a Ghanaian company to potentially hold up to 5 percent interest.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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