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ExxonMobil Is Expanding Its Exploration Area In Namibia, Adding Approximately 7 Million Net Acres (28,000 Square Kilometers)
Exxon has signed an agreement with the government of Namibia and the National Petroleum Corporation of Namibia (NAMCOR) for blocks 1710 and 1810, and farm-in agreements with NAMCOR for blocks 1711 and 1811A. The blocks extend from the coastline to about 215 miles (215 kilometers) off the coast of Namibia, at depths of up to 13,000 feet (4,000 meters). ExxonMobil plans to begin exploration activities in 2019, including data acquisition and seismic analyses.
Mike Cousins, Senior Vice President of Exploration and New Ventures at ExxonMobil: “These agreements provide ExxonMobil the opportunity to explore hydrocarbons using advanced technology at the frontier of the Namibe basin. We will leverage our significant upstream experience and technological knowledge and work closely with NAMCOR in the exploration of these blocks.”
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ExxonMobil will operate blocks 1710 and 1810 and hold a 90% interest; NAMCOR will have a 10% stake. ExxonMobil will assign 5% of its interest to a local Namibian company.
Additionally, ExxonMobil will operate blocks 1711 and 1811A with an 85% stake. NAMCOR will retain a 15% interest. ExxonMobil also holds a 40% interest in the PEL 82 license off the coast of Namibia, comprising approximately 2.8 million gross acres (11,500 square kilometers).
The year 2018 was not fruitful for offshore exploration in Namibia, as Tullow’s Cormorant and Prospect S wells ran dry.
In 2019, holders of onshore acreage outside Namibia will be closely watching France’s Total well and its Venus well, in the ultra-deep offshore Namibia, which is expected to be inaugurated later this year.
According to a Wood Mackenzie report, the ultra-deepwater wildcat will target 2 billion barrels of oil in a giant Cretaceous play near the South African maritime border.
Located in block 2913B, this giant prospect has the potential for many billions of barrels. Its water depth of 3,000 meters will be a record for Africa. However, exploration in Namibia is more associated with dry holes than with discoveries, so there is risk here, WoodMac said in its analysis earlier this year.
Rystad Energy stated that the Venus will be the deepest well ever drilled in Africa, and it is considered the largest prospect ever in Namibia.
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