ExxonMobil exit: State-owned oil marketing firm in search of new exploration partner

•GOIL is seeking a new new exploration partner for the deep-water Cape Three Points project

•The state-owned firm says it has in good faith accepted the exit of American firm, ExxonMobil from Ghana

•The company has also assured that the exit of ExxonMobil will not impact future investments

The Ghana Oil Company Limited has revealed it is in search of a new exploration

Read full article.partner for the deep-water Cape Three Points project, according to a Joy Business report.

The comes on the back of American firm, ExxonMobil, announcing its exit from Ghana in May this year over concerns of risk nature and subsequently relinquishing 100 percent of its oil exploration rights.

But Chief Operations Officer of the state-owned oil marketing firm, Alex Adzew, maintains his outfit is committed to the development and exploration of the deep-water Cape Three Point project despite ExxonMobil’s exit.

“With such activities, you do the seismic and interpret the data but there’s a risk that every company will put in such explorations. ExxonMobil felt that there was no need to drill further to find oil because the risk on this particular one is high” Adzew said at an annual general meeting.

“What we have done as a company is to continue to explore and look for partners who will partner us to even come in and the prospects might even be different so this is the plan we have taken as a business” he added.

He also assured that the exit of ExxonMobil will not impact furture investments.

GOIL was selected as the local partner for the American exploration firm with a 5 percent interest following a rigorous vetting process to conduct work on the deep-water Cape Three Points project.

ExxonMobil prior to formally withdrawing its activities in Ghana controlled 80 percent of the Deepwater Cape Three Point Block with the Ghana National Petroleum Corporation holding 15 percent interest.

The Deepwater Cape Three Points block, is located 57 miles (92 kilometres) off the coast of Ghana. It measures approximately 366,000 acres (1,482 square kilometres) in water depths ranging from 5,085 feet to 9,350 feet (1,550 meters to 2,850 meters).