ExxonMobil has announced plans to increase its exploration acreage offshore Namibia this year, the company said in a statement.
The multinational oil and gas corporation reported last week that it had signed an agreement with Namibia’s government and the National Petroleum Corporation of Namibia (NAMCOR) – which will add approximately 7 million net acres in four additional deepwater blocks.
The agreement is for Blocks 1710 and 1810, and farm-in agreements with NAMCOR for Block 1711 and 1811A.
ExxonMobil will assign 5 percent of its interest to a local Namibian company and will operate blocks 1710 and 1810 and hold a 90 percent interest; while NAMCOR will hold a 10 percent interest.
ExxonMobil will further operate Blocks 1711 and 1811A, and will hold an 85 percent interest – with NAMCOR retaining a 15 percent interest.
“These agreements provide ExxonMobil with an opportunity to explore for hydrocarbons using advanced technology in the frontier Namibe basin,” Mike Cousins, Senior Vice President of Exploration and New Ventures at ExxonMobil, said, adding that the company will work in collaboration with NAMCOR in exploring the newly acquired blocks.