Exxon Mobil To Cease The Exploration In Ghana's Deepwater Cape

2 mins read  Sealuminati TeamJune 4, 2021

Exxon Mobil, a texas-based oil and gas company has reportedly decided to cease the interests in Ghana’s deepwater cape three points offshore block.

Preba Arkaah, a spokesman for Exxon in Ghana declared that the company is Exxon Mobil has decided to invest more in the assets with the lowest cost of supply in the portfolio including developments in Guyana, Brazil and the US Permian Basin.

Ghana energy ministry has not yet commented on this. While this is seen as a part of the company’s West Africa strategy. It is also heard that the company has talked to Savannah Energy regarding its assets in Chad and Cameroon.

For the records, the company acquired the rights in 2018 to explore the three points block of Ghana. The US-based company has 80 % concession while the state-run Ghana National Petroleum Corporation held 15%.

Ghana is a major exporter of cocoa and gold, began exporting in 2010 and is being helped by Jubilee reserves, which sit between the Cape Three Points and Tano offshore blocks.