ExxonMobil Acquires Exploration Acreage in Equatorial Guinea
June 05 2017 - 11:41AM
Business Wire
Exxon Mobil Corporation (NYSE:XOM) today announced that its
wholly owned affiliate, Exploration and Production Equatorial
Guinea (Deepwater) Ltd., has signed a production sharing contract
with the government of Equatorial Guinea for a deepwater block
located 36 miles west of Malabo.
“We look forward to building on our more than 20-year history of
safe operations in Equatorial Guinea with this new high-quality
exploration opportunity,” said Steve Greenlee, president of
ExxonMobil Exploration Company. “We are excited to add block EG-11
to our leading global deepwater acreage position and to expand the
value of our important business in Equatorial Guinea.”
Deepwater block EG-11 measures about 307,000 acres (1,242 square
kilometers) and is adjacent to the Zafiro field located in Block
B.
Following ratification of the contract by the government,
ExxonMobil will carry out the work program as operator with an 80
percent working interest. GEPetrol holds a 20 percent working
interest.
The contract includes a commitment to acquire new and reprocess
existing 3-D seismic data. ExxonMobil will also work with the
government of Equatorial Guinea to further develop the national
workforce.
Mobil Equatorial Guinea Inc. operates the Zafiro field with
71.25 percent interest. GEPetrol has 23.75 percent interest and
Equatorial Guinea has 5 percent. The field is in water depths
between 400 and 2,800 feet and has produced more than 1 billion
barrels in its more than 20 years of production. ExxonMobil
Exploration and Production Equatorial Guinea (Offshore) Ltd. holds
an 80 percent interest in block EG-06, which is adjacent to block
EG-11.
About ExxonMobil
ExxonMobil, the largest publicly traded international oil and
gas company, uses technology and innovation to help meet the
world’s growing energy needs. ExxonMobil holds an industry-leading
inventory of resources, is the largest refiner and marketer of
petroleum products, and its chemical company is one of the largest
in the world. For more information, visit www.exxonmobil.com or
follow us on Twitter www.twitter.com/exxonmobil.
CAUTIONARY STATEMENT: Statements of future events or conditions
in this release are forward-looking statements. Actual future
results, including project plans and schedules and resource
recoveries could differ materially due to changes in market
conditions affecting the oil and gas industry or long-term oil and
gas price levels; political or regulatory developments; reservoir
performance; the outcome of future exploration and development
efforts; technical or operating factors; the outcome of future
commercial negotiations; and other factors discussed under the
heading “Factors Affecting Future Results” available through the
Investors page of our website at exxonmobil.com.
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