US oil giant ExxonMobil will increase its exploration acreage in Namibia by about 28 000 km2 following the signing of an agreement with the Namibian government and State-owned National Petroleum Corporation of Namibia (Namcor) for blocks 1710 and 1810, and farm-in agreements for blocks 1711 and 1811A.
The agreement adds about seven-million net acres in four additional deepwater blocks to ExxonMobil’s portfolio.
The blocks extend from the shoreline to about 215 km offshore, in depths of up to 4 000 m.
ExxonMobil expects to begin exploration activities, including the acquisition of seismic data and analysis, at these blocks later this year.
“These agreements provide ExxonMobil with an opportunity to explore for hydrocarbons using advanced technology in the frontier Namibia basin.
“We will employ our significant upstream experience and technological expertise and work in close collaboration with Namcor in exploring these blocks,” ExxonMobil exploration and new ventures senior VP Mike Cousins said in a statement issued on Thursday.
ExxonMobil will hold a 90% interest in blocks 1710 and 1810, with Namcor holding the remaining 10%. The US company will also assign 5% of its interest to a local Namibian company.
Similarly, it will hold an 85% stake in blocks 1711 and 1811A, with Namcor retaining a 15% interest.
ExxonMobil also holds a 40% interest in the PEL 82 licence offshore Namibia, comprising about 11 500 km2.