ExxonMobil has signed production sharing agreements for two ultra-deepwater blocks offshore the Ivory Coast, according to the country’s oil minister.
The deal is for blocks CI-602 and CI-603, which cover 3,874 and 5,543 sq km respectively and feature water depths varying from 3,000-4,000 m (9,843-13,124 ft). “The maximum exploration period is nine years for each block and, in the case of a commercial discovery, the length of the contract will be 25 years,” Oil and Energy Minister Adama Toungara said, according to a Reuters report.
The country is seeking companies to explore in up to seven ultra-deepwater blocks, holding a promotional event in Houston as recently as October.
Prime Minister Daniel Kablan Duncan said his government was also in negotiations with Norway’s AGR Group for a PSA for the CI-101 and CI-524 blocks and with Total for CI-605.
Recommended Reading
Oilfield Service Companies Dril-Quip, Innovex to Merge
2024-03-18 - Dril-Quip Inc. and Innovex Downhole Solutions Inc. will emerge as a new company, Innovex International, with expanded reach in global markets.
Talos Energy Sells CCS Business to TotalEnergies
2024-03-18 - TotalEnergies’ acquisition targets Talos Energy’s Bayou Bend project, and the French company plans to sell off the remainder of Talos’ carbon capture and sequestration portfolio in Texas and Louisiana.
EQT, Equitrans to Merge in $5.45B Deal, Continuing Industry Consolidation
2024-03-11 - The deal reunites Equitrans Midstream Corp. with EQT in an all-stock deal that pays a roughly 12% premium for the infrastructure company.
Continental Resources Makes $1B in M&A Moves—But Where?
2024-02-26 - Continental Resources added acreage in Oklahoma’s Anadarko Basin, but precisely where else it bought and sold is a little more complicated.
Permian Activity in ‘Low-to-no-growth’ Mode for First Half
2024-02-22 - After multiple M&A moves in 2023 and continued E&P adherence to capital discipline, Permian Basin service company ProPetro sees the play holding steady.