ExxonMobil Adds Acreage Offshore Namibia

April 24, 2019

© Mark Rubens / Adobe Stock
© Mark Rubens / Adobe Stock

ExxonMobil has grown its footprint in the deep waters offshore Namibia, adding approximately 28,000 square kilometers of exploration acreage in in the frontier region, the supermajor said on Wednesday.

ExxonMobil said it signed an agreement with the government of Namibia and the National Petroleum Corporation of Namibia (NAMCOR) for blocks 1710 and 1810, and farm-in agreements with NAMCOR for blocks 1711 and 1811A. The blocks extend from the shoreline to about 215 kilometers offshore Namibia in water depths up to 4,000 meters.

Exploration activities, including acquisition of seismic data and analysis, are slated to begin in 2019, ExxonMobil said.

ExxonMobil will operate blocks 1710 and 1810 and hold a 90% interest; NAMCOR will hold a 10% interest. ExxonMobil will assign 5% of its interest to a local Namibian company.

ExxonMobil will be operator of blocks 1711 and 1811A, and will hold an 85% interest. NAMCOR will retain a 15% interest.

“These agreements provide ExxonMobil with an opportunity to explore for hydrocarbons using advanced technology in the frontier Namibe basin,” said Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil. “We will employ our significant upstream experience and technological expertise and work in close collaboration with NAMCOR in exploring these blocks.”

ExxonMobil already holds a 40% interest in the PEL 82 license offshore Namibia, comprising about 11,500 square kilometers.



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