ExxonMobil farms in to Namibian project

ExxonMobil has entered into an agreement with Azinam to acquire a 30% interest in petroleum exploration licence (PEL) 44, offshore Namibia. The acquisition is subject to government approval and other conditions.

Azinam will retain a 12.5% interest, with Maurel and Prom, the licence operator, retaining its current 42.5% equity interest and Namibian partners NAMCOR, Livingstone Mining, and Frontier Minerals also retaining their carried interests of 8%, 4% and 3% respectively.

PEL 44 is located in the Walvis Basin, in water depths ranging from less than 300 metres to over 2,500 metres.

The deal builds upon increasing industry activity in Namibia, with ONGC recently farming into PEL 37, where the operator, Tullow Oil, is planning to spud a well in 3Q2018. In addition, the operator of the PEL 71 licence partnership, in which Azinam holds a 20% interest, recently secured the Ocean Rig Poseidon to drill Prospect S in 4Q2018.