INTERNATIONAL NEWS

ExxonMobil To Acquire Stake In Offshore Namibia Block

ExxonMobil has agreed to acquire a 30perecnt interest from Azinam in petroleum exploration license 44 in the Walvis basin offshore Namibia, subject to approvals.

Azinam will retain a 12.5percent interest, with license operator Maurel and Prom holding 42.5percent equity.

Namibian partners NAMCOR, Livingstone Mining, and Frontier Minerals also retain their respective carried interests of 8percent, 4percent, and 3percent.

The license spans an area of 5,722 sq km (2,209 sq mi) in water depths ranging from 300 m (984 ft) to more than 2,500 m (8,202 ft).

Two years ago, Azinam acquired a 2,000-sq km (772-sq mi) 3D seismic survey over the acreage, followed by an additional 1,160 sq km (448 sq mi) of new data, processing of which is currently in progress.

 

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