{"id":266790,"date":"2019-05-21T08:27:24","date_gmt":"2019-05-21T06:27:24","guid":{"rendered":"https:\/\/informante.web.na\/?p=266790"},"modified":"2019-05-21T08:27:24","modified_gmt":"2019-05-21T06:27:24","slug":"exxonmobil-increases-exploration-area-off-the-namibian-coast","status":"publish","type":"post","link":"https:\/\/informante.web.na\/?p=266790","title":{"rendered":"ExxonMobil increases exploration area off the Namibian coast"},"content":{"rendered":"<figure id=\"attachment_266791\" class=\"wp-caption alignleft\" style=\"width: 300px\"><a href=\"https:\/\/informante.web.na\/wp-content\/uploads\/2019\/05\/60630788_2251508051582809_316891191134126080_o.png\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-266791 size-medium\" src=\"https:\/\/informante.web.na\/wp-content\/uploads\/2019\/05\/60630788_2251508051582809_316891191134126080_o-300x176.png\" alt=\"\" width=\"300\" height=\"176\" srcset=\"https:\/\/informante.web.na\/wp-content\/uploads\/2019\/05\/60630788_2251508051582809_316891191134126080_o-300x176.png 300w, https:\/\/informante.web.na\/wp-content\/uploads\/2019\/05\/60630788_2251508051582809_316891191134126080_o-768x451.png 768w, https:\/\/informante.web.na\/wp-content\/uploads\/2019\/05\/60630788_2251508051582809_316891191134126080_o-1024x601.png 1024w, https:\/\/informante.web.na\/wp-content\/uploads\/2019\/05\/60630788_2251508051582809_316891191134126080_o.png 1650w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><figcaption class=\"wp-caption-text\">Pictured: An oil rig in the bay of Walvis Bay with the duens of the Namib Desert in the background. &#8211; Photo: File<\/figcaption><\/figure>\n<p>Staff Reporter<br \/>\nHOPES that Namibia might indeed be blessed with a significant oil resource flared up when multi-national oil giant, ExxonMobil announced that it is in the process of increasing the size of its exploration area off the Namibian coast by signing agreements for four new Petroleum Exploration License areas.<br \/>\nThe multinational oil and gas corporation said in a statement that it had signed an agreement with <span class=\"text_exposed_show\">the Namibian Government and the National Petroleum Corporation of Namibia (NAMCOR) which will add approximately 7 million acres or 28 000 square kilometres in four additional deepwater license blocks.<br \/>\nThe agreement signed between ExxonMobil and the Namibian Government is for Blocks 1710 and 1810, and farm-in agreements with NAMCOR for Block 1711 and 1811A.<br \/>\nAccording to the agreement ExxonMobil will assign five percent of its interest to other Namibian partners and will operate blocks 1710 and 1810 and hold a 90 percent interest while NAMCOR will hold a ten percent interest in the new exploration areas. ExxonMobil will further operate Blocks 1711 and 1811A, and will hold an 85 percent interest with NAMCOR retaining a 15 percent interest.<br \/>\n\u201cThese agreements provide ExxonMobil with an opportunity to explore for hydrocarbons using advanced technology in the frontier Namibe basin,\u201d Mike Cousins, Senior Vice President of Exploration and New Ventures at ExxonMobil said.<br \/>\nHe added that the company will work in collaboration with NAMCOR in exploring the newly acquired blocks.<br \/>\nExxonMobil has been operating in Namibia for some time already with a 40 percent stake in petroleum exploration licence (PEL) 82, with the remainder of the interest in the license owned by Galp (40%), NAMCOR (10%) and the other 10% by Custos Investments.<br \/>\nThe area covered by the blocks is about 28 000 square kilometres in the Namibe Basin, some 215 kilometres off the Namibian coast<br \/>\nIn December last year the multi-national oil giant signed a similar agreement with Angolan oil company Sonangol for exploration work in the same basin.<br \/>\nAccording to the new agreement signed with the Namibian Government, ExxonMobil will be allowed to explore for oil for the next four years.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-266276\" src=\"https:\/\/informante.web.na\/wp-content\/uploads\/2019\/05\/Myriad728x180px.gif\" alt=\"\" width=\"728\" height=\"180\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Staff Reporter HOPES that Namibia might indeed be blessed with a significant oil resource flared up when multi-national oil giant, ExxonMobil announced that it is in the process of increasing the size of its exploration area off the Namibian coast by signing agreements for four new Petroleum Exploration License areas. The multinational oil and gas &#8230;<\/p>\n","protected":false},"author":10,"featured_media":266791,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27,24],"tags":[],"class_list":["post-266790","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ExxonMobil increases exploration area off the Namibian coast - Informant\u00e9<\/title>\n<meta name=\"description\" content=\"HOPES that Namibia might indeed be blessed with a significant oil resource flared up when multi-national oil giant, ExxonMobil announced that it is in the process of increasing the size of its exploration area off the Namibian coast by signing agreements for four new Petroleum Exploration License areas.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/informante.web.na\/?p=266790\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ExxonMobil increases exploration area off the Namibian coast - 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