ExxonMobil exits oil exploration prospect in Ghana

ExxonMobil, an Oil and Gas company has abandoned its exploration activities in the Deepwater Cape Three Points Block in the Western Region.

In a letter to the Minister for Energy, Dr Matthew Opoku Prempeh, the Petroleum Commission and Ghana National Petroleum Corporation (GNPC), ExxonMobil notified Ghana of its intention not to enter into the first extension period and therefore voluntarily surrenders and relinquishes one hundred percent of its right in and to the Deep Water Cape Three Points contract area.

Before deciding to pull out from Ghana, the Company controlled 80 percent of the block, with GNPC holding 15 percent and Goil Offshore Ghana, with five percent.

ExxonMobil signed a petroleum agreement with the Government of Ghana in November 2018.

The letter dated May 18, 2021, thanked government for the good and constructive relationship between the parties over the years and also for the government’s consideration and support for the decision to pull out of Ghana.

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