ExxonMobil Namibia (PEL44) Limited, an affiliate of ExxonMobil Corporation, has entered into an agreement with Azinam Limited, Namibian oil and gas explorer, to acquire a 30 per cent interest in petroleum exploration licence (PEL) 44, offshore Namibia
The acquisition is subject to government approval and other conditions, said Azinam.
PEL 44 is located in the Walvis Basin and covers an area of 5,722 sq km, in water depths ranging from less than 300 metres to more than 2,500 metres. In 2016, Azinam acquired a 2,000 sq km 3D seismic survey. Following interpretation, Azinam acquired an additional 1,160 sq km of new data, the processing of which is ongoing.
This transaction further builds 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 Q3 2018. In addition, the operator of the PEL 71 licence partnership, in which Azinam holds a 20 per cent interest, has recently secured the Ocean Rig Poseidon to drill Prospect S in Q4 2018.
David Sturt, managing director of Azinam, commented, “The significant petroleum potential we see within the Walvis Basin is complemented by a highly supportive regulatory regime and our talented young dynamic workforce. Soon after our entry into Namibia we took the decision to develop local expertise and are now proud to have an office in Windhoek staffed entirely by Namibians, working on our projects in both Namibia and beyond, in a wider African context.”
“We look forward to unlocking the potential of this basin with our partners, NAMCOR, Maurel et Prom, Frontier Minerals and Livingstone as we progress to the next phase of exploration on PEL 44,” he added.
Erik Tiller, chairman of Azinam, further noted, “Since we announced our intention to drill multiple wells offshore Namibia, we have contracted the Ocean Rig Poseidon to drill Prospect S in PEL 71 and now welcome ExxonMobil onto PEL 44. We continue to be extremely active in our technical evaluation and in engaging the industry as we seek appropriate strategic partners to join us in the next phases of our licence developments.”
Tiller thanked NAMCOR and the Ministry of Mines and Energy for their continuous support for the efforts of oil companies seeking to open up this new petroleum province.
