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ExxonMobil pulled out of deepwater oil exploration projects
in Ghana just two years after the West African country approved an exploration and production deal with a U.
S.
oil major.
According to Bloomberg and people familiar with the matter, the company gave up its entire stake in Deepwater Cape Three Points and resigned as its operator after fulfilling contractual obligations during preliminary exploration
.
ExxonMobil holds 80 percent of the block, state-owned Ghana National Oil Corporation holds 15 percent and Ghana Petroleum holds the remaining 5 percent
.
The two partners must now find a new operator
for the block, people familiar with the matter said.
It was revealed that the work completed so far includes processing about 2,200 square kilometers (850 square miles) of seismic survey data, but ExxonMobil has not drilled any exploration wells
.
ExxonMobil pulled out of deepwater oil exploration projects
in Ghana just two years after the West African country approved an exploration and production deal with a U.
S.
oil major.
According to Bloomberg and people familiar with the matter, the company gave up its entire stake in Deepwater Cape Three Points and resigned as its operator after fulfilling contractual obligations during preliminary exploration
.
ExxonMobil holds 80 percent of the block, state-owned Ghana National Oil Corporation holds 15 percent and Ghana Petroleum holds the remaining 5 percent
.
The two partners must now find a new operator
for the block, people familiar with the matter said.
It was revealed that the work completed so far includes processing about 2,200 square kilometers (850 square miles) of seismic survey data, but ExxonMobil has not drilled any exploration wells
.
