Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Exxon surrenders interest in Ghana's offshore oil block

06/03/2021 | 07:23am EDT
FILE PHOTO: Logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro

DAKAR (Reuters) -Exxon Mobil has relinquished its 80% interest in Ghana's Deepwater Cape Three Points offshore block, a spokesman told Reuters on Thursday.

"Exxon Mobil is prioritising near-term capital spend on the most advantaged assets with the lowest cost of supply in the portfolio including developments in Guyana, Brazil and the U.S. Permian Basin," Preba Arkaah, a spokesman for Exxon in Ghana, said in an email.

Representatives of Ghana's energy ministry and petroleum regulatory agency could not be immediately reached for comment.

Exxon Mobil acquired the rights to explore the Deepwater Cape Three Points block in 2018. The U.S. based company held an 80% interest in the concession, while state-run Ghana National Petroleum Corporation held 15%.

The sale appears to be a part of a shift in the company's West Africa strategy, with Savannah Energy having announced on Wednesday that it is in talks with Exxon to acquire its assets in Chad and Cameroon.

Ghana, which exports cocoa and gold, began commercial production in late 2010 from its flagship Jubilee reserves, which sit between the Cape Three Points and Tano offshore blocks.

(Reporting by Cooper Inveen;Editing by Bate Felix and David Evans)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
DOW JONES AFRICA TITANS 50 INDEX -0.30% 524.29 Delayed Quote.-0.54%
EURO / BRAZILIAN REAL (EUR/BRL) 2.66% 6.188 Delayed Quote.-4.38%
EXXON MOBIL CORPORATION -2.31% 57.57 Delayed Quote.41.24%
S&P AFRICA 40 INDEX -0.32% 169.63 Delayed Quote.-1.63%
SAVANNAH ENERGY PLC 6.94% 19.25 Delayed Quote.41.24%
Latest news "Economy & Forex"
05:54pWall Street ends lower, clobbered by Amazon
05:46pU.S. electric vehicle backers say infrastructure bill falls short
05:36pEuro Gains 0.09% to $1.1869 -- Data Talk
05:36pThe WSJ Dollar Index Falls 0.04% to 86.98 -- Data Talk
05:36pSterling Gains 0.51% to $1.3901 -- Data Talk
05:36pDollar Lost 1.28% to 109.69 Yen -- Data Talk
05:07pRoyal Caribbean expands COVID-19 policy as six guests test positive on ship
05:05pTSX falls 0.12% to 20,287.80
05:02pUtilities Down As Investors Rotate Into Inflation-Linked Sectors - Utilities Roundup
05:01pCommunications Services Down Amid Mixed Earnings - Communications Services Roundup
Latest news "Economy & Forex"