ExxonMobil acquires stake in Namibian offshore block
Namibian offshore explorer Azinam has farmed out a 30 percent share in its Petroleum exploration licence (“PEL”) 44, offshore Namibia.
The licence PEL 44 is located in the Walvis Basin and covers an area of 5,722 square kilometres, in water depths ranging from less than 300 metres to over 2,500 metres.
In 2016, Azinam acquired a 2,000 square kilometres 3D seismic survey. Following interpretation, Azinam acquired an additional 1,160 square kilometres of new data. Processing of this data is ongoing.
Azinam said on the 14th August that the transaction further built upon the increasing industry activity in Namibia, with ONGC recently farming into PEL 37, where the operator, Tullow Oil, is planning to spud a well in the third quarter of 2018.
In addition, the operator of the PEL 71 licence partnership, in which Azinam holds a 20% interest, has recently secured the Ocean Rig Poseidon to drill Prospect S in the fourth quarter of 2018.
Azinam Managing Director, David Sturt, said: “We are delighted to welcome ExxonMobil onto PEL 44. To attract such a successful Atlantic Margin explorer of scale provides further support of our technical view of the Walvis Basin and our license areas. Azinam has built a substantial position, with a footprint that extends over 62,000 square kilometres of the Walvis Basin, providing a unique data footprint and comprehensive understanding of the region.
“The significant petroleum potential we see within the Walvis Basin is complemented by a highly supportive regulatory regime and our talented young dynamic workforce.”
He said that soon after Azinam’s entry into Namibia the company took the decision to develop local expertise. According to Mr Sturt, Azinam’s office in Windhoek is staffed entirely by Namibians, “working on our projects in both Namibia and beyond, in a wider African context.”
Source : Offshore Energy Today