Petroleum Africa
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Sunday, February 4, 2018
US supermajor ExxonMobil is expanding its frontier portfolio in Africa, this time with a buy in to Namibian acreage. According to Portuguese firm Galp, it is in the process of farming down a 40% participating interest in PEL 82 offshore Namibia to an ExxonMobil subsidiary.
Following the conclusion of the transaction, both Galp and ExxonMobil will hold a 40% interest in the license, and Galp will maintain the operatorلاship. The National Petroleum Corporation of Namibia (NAMCOR) and Custos, a local Namibian company, each hold a 10% stake in the license.
The license is located in the Walvis Basin and covers an area of 11,444 sq km in water depths ranging from 300 meters to 2,000 meters.
The transaction conclusion is subject to satisfaction of customary conditions precedent, including the approval of the relevant competent Namibian authorities.
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