Continental Focus, International Reach

XOM Eyes Africa for Next Oil Bonanza

Sunday, October 21, 2018

US supermajor ExxonMobil is looking to repeat its success off the coast of Guyana and in other parts of the globe. One of the company’s targets is western and southern Africa.

According to a Bloomberg report, ExxonMobil is looking for the world’s next big oil bonanza to come from the African continent.

Exploration chief Stephen Greenlee told Bloomberg that his company had “loaded” its exploration portfolio recently by purchasing large positions in Ghana, Mauritania, South Africa and Namibia, “acquiring large amounts of seismic data with the idea that in the future one or two of those are going to turn out to be the next Guyana.”

ExxonMobil also picked up exploration acreage in Cyprus and Malaysia and will drill what it deems as “an important well” in Cyprus this year.


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