• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 8 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 10 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 8 days Energy Armageddon
  • 4 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 4 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 4 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 4 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 1 day Is Europe heading for winter of discontent with extensive gas shortages?
  • 4 days The Federal Reserve and Money...Aspects which are not widely known
  • 5 days Goldman Betting on Cryptocurrencies
  • 8 days Сryptocurrency predictions
  • 13 days Putin and Xi Bet on the Global South

Exxon Quits Deepwater Oil Project In Ghana

Exxon is leaving a deepwater prospect in Ghana after seismic work failed to produce good enough results.

Bloomberg reports that the supermajor relinquished its whole stake in the Deepwater Cape Three Point block and resigned as the operator of the block.

Bloomberg cited sources as saying that the work Exxon had performed since its assumption of the block's operatorship consisted of processing some 2,200 square kilometers of seismic data. What it did not involve, according to the sources, was drilling any exploration wells.

Ghana is one of the newcomers to the international oil scene and a major hopeful for future production. The country currently has only three producing fields, the largest among them Jubilee, with reserves estimated at 1.2 billion barrels of crude.           

Exxon bought an 80-percent stake in the Deepwater Cape Three Point block back in 2018 when the country's government was eager to attract as much in oil and gas investments as possible.

"The addition of this block reaffirms ExxonMobil's commitment to pursuing high-quality projects in areas with large resource potential," said Steve Greenlee, president of ExxonMobil Exploration Company, at the time. "We are excited to partner with the government of Ghana as we employ our significant upstream experience and technological expertise in assessing the exploration opportunities in this block."

Eight deepwater and ultradeep water discoveries were made in Ghana in the five years to 2018, according to GlobalData, spurring interest in the country. Of the eight discoveries, six were made by Hess Corp., which soon after began to look for buyers for its Ghanaian operations.

In 2019, a local private company and its partners announced another discovery that could contain up to 1.5 billion barrels of crude in the West Cape Three Points block 2. Media reported at the time that the discovery would need foreign investment and expertise help to turn into a producing field.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News