ExxonMobil acquires exploration, production rights for Ghana's Cape Three Points

1/19/2018

IRVING, Texas -- ExxonMobil today announced that it 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 mi (92 km) off the coast of Ghana, measures approximately 366,000 acres (1,482 km2) in water depths ranging from 5,085 ft to 9,350 ft (1,550 m to 2,850 m).

“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% interest. Ghana National Petroleum Corporation holds 15% interest. ExxonMobil will work with the government to identify a Ghanaian company to potentially hold up to 5% interest.

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