ExxonMobil acquires stake in Namibian offshore block

ExxonMobil acquires stake in Namibian offshore block

Namibia-focused offshore explorer Azinam has farmed out a 30 percent share in its Petroleum exploration license (“PEL”) 44, offshore Namibia.

The license PEL 44 is located in the Walvis Basin and covers an area of 5,722km2, in water depths ranging from less than 300 meters to over 2,500 meters.

In 2016, Azinam acquired a 2,000km² 3D seismic survey. Following interpretation, Azinam acquired an additional 1,160km² of new data. Processing of this data is ongoing.

Azinam said on Tuesday the transaction further built upon the increasing industry activity in Namibia, with ONGC recently farming into PEL 37, where the operator, Tullow Oil, is planning to spud a well in Q3 2018.

In addition, the operator of the PEL 71 license partnership, in which Azinam holds a 20% interest, has recently secured the Ocean Rig Poseidon to drill Prospect S in Q4 2018.

Azinam Managing Director, David Sturt, said: “We are delighted to welcome ExxonMobil onto PEL 44. To attract such a successful Atlantic Margin explorer of scale provides further support of our technical view of the Walvis Basin and our license areas. Azinam has built a substantial position, with a footprint that extends over 62,000km² of the Walvis Basin, providing a unique data footprint and comprehensive understanding of the region.

“The significant petroleum potential we see within the Walvis Basin is complemented by a highly supportive regulatory regime and our talented young dynamic workforce.

He said that soon after Azinam’s entry into Namibia the company took the decision to develop local expertise. According to Sturd, Azinam’s office in Windhoek is staffed entirely by Namibians, “working on our projects in both Namibia and beyond, in a wider African context.”

 

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