Exxon Mobil Corp. (XOM) on Thursday said it agreed to acquire exploration and production rights for the Deepwater Cape Three Points block offshore Ghana.
The Irving, Texas, oil giant said exploration activities, including acquisition of seismic data and analysis, will begin later this year. The block, located 57 miles off the coast of Ghana, measures about 366,000 acres in water depths ranging from 5,085 feet to 9,350 feet.
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Exxon said it will operate the program and hold an 80% interest, while Ghana National Petroleum Corp. will hold a 15% stake. Exxon said it will work with Ghana's government to identify a Ghanaian company to potentially hold up to a 5% interest.
The agreement is subject to ratification by Ghana's parliament.
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(END) Dow Jones Newswires
January 18, 2018 09:49 ET (14:49 GMT)