ExxonMobil: Acquires exploration acreage offshore Ghana
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 miles (92 kilometers) off the coast of Ghana, measures approximately 366,000 acres (1,482 square kilometers) in water depths ranging from 5,085 feet to 9,350 feet (1,550 meters to 2,850 meters).
“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 percent interest. Ghana National Petroleum Corporation holds 15 percent interest. ExxonMobil will work with the government to identify a Ghanaian company to potentially hold up to 5 percent interest.
Energy Analyst Kojo Opoku has praised Ghana’s new oil deal with Exxonmobil Corp, describing it as the ‘best deal’.
President Akufo-Addo after a meeting with officials of Exxon Mobil Thursday urged the company to help develop Ghana’s oil sector.
The signing followed direct negotiations between Ghana and Exxon Mobil without an open competitive tender due to the nature of the field, where the depth ranges from 2,000 to 4,000 meters.
The deal which yet to be approved by Parliament is the first to be signed after the International Tribunal for the Law of the Sea last September drew an ocean boundary favoring Ghana in a dispute with its neighbor Ivory Coast.
Exxon Mobil, lead operator, holds an 80-percent interest in the DWCTP, while state-run Ghana National Petroleum Corporation holds 15 percent. Exxon is yet to select a local partner to own the remaining 5 percent as Ghana’s laws requires.
Commenting on the pact, Mr. Opoku told Francis Abban on the Morning Starr Friday that Ghana stands to benefit from the arrangement without incurring any cost.