Exxon Mobil is focusing on western and southern Africa for the world’s subsequent massive oil bonanza because the explorer scours the globe to repeat its success in Guyana.
The oil supermajor “actually loaded” its exploration portfolio lately by buying massive positions in Ghana, Mauritania, South Africa and Namibia, in addition to Cyprus and Malaysia as rivals pulled again, Stephen Greenlee, Exxon’s president of exploration, mentioned in an interview in Houston.
Exxon’s shopping for spree focused drilling concessions and seismic surveys, that are maps of the rock beneath the seabed that may point out possible crude deposits. Bigger finds are likely to generate greater earnings, and the last word prize is understood within the business as an elephant: a discovery that maintain a billion bbl or extra.
“We’re buying massive quantities of seismic knowledge with the concept that sooner or later one or two of these are going to turn into the subsequent Guyana,” he mentioned. “These are massive acreage positions and so they’re in areas that we expect have promising alternatives for hydrocarbon techniques.”
Greenlee led the workforce that found the large tranche of crude off Guyana’s shoreline in 2015, a discover that has grown into the world’s greatest new deepwater play. At four billion bbl, the invention dwarfs the reserves of OPEC-members Equatorial Guinea and Gabon.
Exxon is not any stranger to West Africa, having pioneered deep-sea discoveries off Nigeria and Angola, and opening landlocked Chad to drilling. While Ghana already has yielded a serious discover generally known as Jubilee, the opposite African nations in Exxon’s sights have little expertise of deepwater oil and pure fuel manufacturing. Rivals equivalent to Tullow Oil, Royal Dutch Shell and Total are additionally on the hunt alongside Africa’s western shoreline.
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Exxon intends to drill “an necessary nicely” in Cyprus this 12 months along with engaged on its more-established exploration areas in Guyana and Brazil, Greenlee mentioned.
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