Exxon Exits Deepwater Oil Project In Ghana
Bloomberg reports that the supermajor relinquished its whole stake in the Deepwater Cape Three Point block and resigned as the operator of the block.
Bloomberg cited sources as saying that the work Exxon had performed since its assumption of the block’s operatorship consisted of processing some 2,200 square kilometers of seismic data. What it did not involve, according to the sources, was drilling any exploration wells.
Ghana is one of the newcomers to the international oil scene and a major hopeful for future production. The country currently has only three producing fields, the largest among them Jubilee, with reserves estimated at 1.2 billion barrels of crude.
Exxon bought an 80-percent stake in the Deepwater Cape Three Point block back in 2018 when the country’s government was eager to attract as much in oil and gas investments as possible.
Information Source: Read Full Article By Irina Slav for Oilprice.com
