ExxonMobil farming in to offshore Namibia block

Aug. 14, 2018
ExxonMobil has agreed to acquire a 30% interest from Azinam in petroleum exploration license 44 in the Walvis basin offshore Namibia.

Offshore staff

WINDHOEK, Namibia – ExxonMobil has agreed to acquire a 30% interest from Azinam in petroleum exploration license 44 in the Walvis basin offshore Namibia, subject to approvals.

Azinam will retain a 12.5% interest, with license operator Maurel and Prom holding 42.5% equity.

Namibian partners NAMCOR, Livingstone Mining, and Frontier Minerals also retain their respective carried interests of 8%, 4%, and 3%.

The license spans an area of 5,722 sq km (2,209 sq mi) in water depths ranging from 300 m (984 ft) to more than 2,500 m (8,202 ft).

Two years ago, Azinam acquired a 2,000-sq km (772-sq mi) 3D seismic survey over the acreage, followed by an additional 1,160 sq km (448 sq mi) of new data, processing of which is currently in progress.

08/14/2018