ExxonMobil Acquires More Exploration Acreage Offshore Namibia
24 Abril 2019 - 04:00PM
Business Wire
- Adds approximately 7 million net acres
in four additional deepwater blocks
- Enhances footprint in frontier
acreage
- Exploration activities to commence in
2019
ExxonMobil said today it will increase its exploration acreage
in Namibia with the addition of approximately 7 million net acres
(28,000 square kilometers) following the signing of 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 135 miles (215
kilometers) offshore Namibia in water depths up to 13,000 feet
(4,000 meters). ExxonMobil plans to begin exploration activities in
2019, including acquisition of seismic data and analysis.
“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 will operate blocks 1710 and 1810 and hold a 90
percent interest; NAMCOR will hold a 10 percent interest.
ExxonMobil will assign 5 percent of its interest to a local
Namibian company.
ExxonMobil will be operator of blocks 1711 and 1811A, and will
hold an 85 percent interest. NAMCOR will retain a 15 percent
interest.
ExxonMobil also holds a 40 percent interest in the PEL 82
license offshore Namibia, comprising about 2.8 million gross acres
(11,500 square kilometers).
About ExxonMobil
ExxonMobil, the largest publicly traded international energy
company, uses technology and innovation to help meet the world’s
growing energy needs. ExxonMobil holds an industry-leading
inventory of resources, is one of the largest refiners and
marketers of petroleum products, and its chemical company is one of
the largest in the world. For more information, visit
www.exxonmobil.com or follow us on Twitter
www.twitter.com/exxonmobil.
References to “ExxonMobil” are used for convenience and may
refer to one or more of Exxon Mobil Corporation and its
affiliates.
Cautionary Statement: Statements of
future events or conditions in this release are forward-looking
statements. Actual future results, including project plans and
schedules could differ materially due to changes in market
conditions affecting the oil and gas industry or long-term oil and
gas price levels; political or regulatory developments including
obtaining necessary regulatory permits; reservoir performance; the
outcome of future exploration and development efforts; technical or
operating factors; the outcome of commercial negotiations; and
other factors cited under the caption “Factors Affecting Future
Results” on the Investors page of our website at
exxonmobil.com.
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