ExxonMobil acquires more acreage offshore Namibia

 ExxonMobil Corp. announced it acquired 7 million net acres to expand its exploration acreage offshore Namibia through an agreement with the government of Namibia and the National Petroleum Corp. (NAMCOR).

ExxonMobil and NAMCOR together will explore the frontier Namibe basin.

The new acreage includes Blocks 1710 and 1810 as well as farm-in agreements with NAMCOR for Blocks 1711 and 1811A (OGJ Online, Jan. 13, 2010). The blocks extend about 135 miles offshore Namibia in up to 13,000 ft of water.

On Blocks 1710 and 1810, ExxonMobil will be the operator with 90% interest while NAMCOR will hold 10% interest. ExxonMobil said it will assign 5% of its interest to a local Namibian company.

ExxonMobil will operate Blocks 1711 and 1811A with 85% interest. NAMCOR will retain 15% interest.

In addition, ExxonMobil holds 40% interest in PEL 82 license offshore Namibia covering 2.8 million gross acres.