Exxon walks away from stake in deepwater Ghana block
(Bloomberg) --Exxon Mobil is pulling out of a deep-water oil prospect in Ghana just two years after the west African nation ratified an exploration and production agreement with the U.S. oil titan.
The company relinquished the entirety of its stake in the Deepwater Cape Three Points block and resigned as its operator after fulfilling its contractual obligations during the initial exploration period, according to a letter to Ghana’s government seen by Bloomberg and people familiar with the matter, who asked not to be named because the information isn’t public.
Exxon controlled 80% of the block, with state-owned Ghana National Petroleum Corp. holding 15% and Ghana Oil Co., the remaining 5%. The two partners will now have to search for a new operator for the block, the people said.
The work done so far included processing about 2,200 square kilometers (850 square miles) of seismic data, but Exxon didn’t drill any exploration wells, the people said.
Exxon couldn’t immediately comment during the Memorial Day holiday in the U.S. Representatives for Ghana National and Ghana Oil couldn’t immediately be reached.
Related News ///
Connect with World Oil
Join Our Newsletter ///
Sign-up for World Oil Daily News
Latest News ///More
- Global inflation brings ever-cheaper clean energy to an end (1/21)
- U.S. extends financial protection for Venezuela’s Citgo for one year (1/21)
- Energy Transfer agrees to provide gas to Vistra power plants (1/21)
- Morgan Stanley sees Brent crude at $100 by Q3 (1/21)
- Texas natural gas production falls as freezing weather sets in (1/20)