ExxonMobil has signed an agreement with the Government of Ghana to acquire exploration and production rights for the Deepwater Cape Three Points block.

The petroleum agreement is subject to parliamentary ratification.

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Located 92km off the coast of Ghana, the Deepwater Cape Three Points block spans an area of nearly 366,000 acres in water depths ranging between 1,550m and 2,850m.

ExxonMobil Exploration Company president Steve Greenlee said: “The addition of this block reaffirms ExxonMobil’s commitment to pursuing high-quality projects in areas with large resource potential.

“We are excited to partner with the Government of Ghana as we employ our significant upstream experience and technological expertise in assessing the exploration opportunities in this block.”

The company expects to start exploration activities, including the acquisition of seismic data and analysis later this year.

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“The addition of this block reaffirms ExxonMobil’s commitment to pursuing high-quality projects in areas with large resource potential.”

ExxonMobil will perform exploration works as the operator of the block with an 80% interest.

Ghana National Petroleum holds a 15% stake in the block, while ExxonMobil will work with the government to identify a local company which will hold the remaining 5% interest.

Recently, the company made its sixth oil discovery offshore Guyana.

The Ranger-1 well encountered approximately 70m of high-quality, oil-bearing carbonate reservoir.

The new discovery will complement the company’s previous findings at Liza, Payara, Snoek, Liza Deep and Turbot.

Resources are estimated to host more than 3.2 billion in recoverable oil-equivalent barrels.