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 this year. The Deepwater Cape Three Points block, 57 mi (92 km) offshore, measures about 366,000 acres (1,482 sq km) in water depths ranging from 5,085 ft to 9,350 ft (1,550 m to 2,850 m).
ExxonMobil according to a report by Offshore, will carry out the work program as operator and holds 80percent interest. Ghana National Petroleum Corporation holds 15percent interest. The company said that it will work with the government to identify a Ghanaian company to potentially hold up to 5percent interest.
In a related development, ExxonMobil has been negotiating a 40percent farm-in to Petroleum Exploration License (PEL) 82 in the Walvis basin offshore Namibia.
Following the conclusion of the transaction, Galp Energia and ExxonMobil will each have a 40percent interest in the license, with Galp remaining operator.
The other partners are Namibia’s state oil company NAMCOR and local company Custos, each with 10percent.
According to Galp, the license covers 11,444 sq km (4,418 sq mi) in water depths ranging from 300-2,000 m (984-6,562 ft).
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