ExxonMobil ready to call it quits on Deepwater-Cape Three Points

摘要

ExxonMobil's Ghanian adventure could soon be over. It is understood the American supermajor is seriously considering letting go of its only asset in the country: the ultra-deepwater block Deepwater Cape Three Points (DCTP). The company acquired rights to explore the block in 2018 but has not completed any wells since. With oil markets in crisis following the impact of the Covid-19 pandemic compounded by a challenging economic environment, oil firms are turning away from ultradeepwater projects and their hefty price-tag. ExxonMobil had previously tried - and failed - to enter Ghana in 2010 (AI, 31/08/10). The Accra government had put a stop to its $4bn deal to buy Kosmos Energy's Ghanian portfolio that included a 23.49% stake in the giant offshore field Jubilee. ExxonMobil was run by Donald Trump's former Secretary of State Rex Tillerson at the time.