ExxonMobil Withdraws From Ghana’s Deepwater Cape 3 Point

US oil giant, ExxonMobil, has withdrawn its interest in Ghana’s deepwater Cape Three-Point oil bloc, Whatsup News has gathered.

The withdrawal was officially communicated to Energy Minister, Dr. Mathew Opoku Prempeh and other stakeholder institutions and their heads.

“EMEPGL hereby notifies the Republic that it has determined not to enter into the First Extension Period, and hereby voluntarily surrenders and relinquishes one hundred percent (100%) of its rights in and to the DWCTP Contract Area. EMEPGL also confirms that it hereby resigns as Operator of the DWCTP Block and that it has fully performed the relevant Minimum Work Obligation under the Petroleum Agreement. The above is without prejudice to the EMEPGL’s accrued rights.” The communique read.

The letter did not give any express reasons as to the sudden decision by ExxonMobil which acquired rights to explore the ultra-deep-water block Deepwater Cape Three Points in 2018.

With the associated petroleum agreement ratified in April 2019, ExxonMobil opened a venture office in Accra in June 2019 to progress exploration activities.

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