Guest Contributor | Jan 17, 2023 | 0
ExxonMobil enhances footprint – increases its exploration acreage in Namibia
International oil and gas company, ExxonMobil said it will increase its exploration acreage in Namibia with the addition of approximately 28,000 square kilometres following the signing of an agreement with the government and the National Petroleum Corporation of Namibia (NAMCOR)
In a statement this week the company said the additional acreage is 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 kilometres offshore Namibia in water depths up to 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 Namibia 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,” he added.
Meanwhile 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.
Furthermore ExxonMobil also holds a 40% interest in the PEL 82 license offshore Namibia, comprising about 11,500 square kilometres, the company concluded.