Business

ExxonMobil pulls out of Ghana, abandons new fields exploration

ExxonMobil

US oil and gas company, ExxonMobil has pulled out of Ghana, abandoning its exploration activities in the Deepwater Cape Three Point Block in the Western Region.

The company in a letter to the Minister of Energy, Matthew Opoku Prempeh, copied to the Petroleum Commission and Ghana National Petroleum Corporation, (GNPC) said the company was “notifying the Republic that it has determined not to enter into the first extension period and hereby voluntarily surrenders and relinquishes one hundred percent of its right in and to the Deep Water Cape Three Point contract area.”

The company until its pulling out, controlled 80% of the block, with the Ghana National Petroleum Corporation holding 15% and Goil Offshore Ghana Ltd having the remaining 5%.

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

The letter dated May 18, 2021, expressed gratitude to the government “for the good and constructive relationship we have enjoyed over the years” and also for the government’s “consideration and support” for the decision to pull out of Ghana.

 

Amenorhu kwaku
Amenorhu Kwaku
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Amenorhu kwaku is an author, internet marketer and entrepreneur. He is the founder of SuccessValley, a network community for students and aspiring entrepreneurs