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Wednesday, August 15, 2018
ExxonMobil expanded its position in Africa with the purchase of a stake offshore Namibia. Azinam and the US supermajor entered into an agreement that has ExxonMobil acquiring a 30% interest in PEL 44.
Azinam will retain a 12.5% interest, with Maurel and Prom, the license 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 and covers an area of 5,722sq km, in water depths ranging from less than 300 meters to over 2,500 meters. In 2016, Azinam acquired a 2,000sq km 3D seismic survey. Following interpretation, Azinam acquired an additional 1,160sqkm of new data. Processing of this data is ongoing.
This transaction further builds upon the increasing industry activity in Namibia, with ONGC recently farming into PEL 37, where operator Tullow Oilis 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.
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