ExxonMobil unit Exploration and Production Equatorial Guinea (Deepwater) has entered a production sharing contract with the Government of Equatorial Guinea to acquire the EG-11 deepwater block.
Situated nearly 36 miles west of Malabo, the block lies adjacent to Zafiro field in Block B and measures around 307,000 acres.
ExxonMobil Exploration Company president Steve Greenlee said: "We look forward to building on our more than 20-year history of safe operations in Equatorial Guinea with this new high-quality exploration opportunity.
"We are excited to add block EG-11 to our leading global deepwater acreage position and to expand the value of our important business in Equatorial Guinea.”
Under the contract, ExxonMobil will acquire new 3D seismic data and reprocess the existing information.
The company will also work with the government to train the national workforce.
After the government ratifies the contract, work programme will be carried out by ExxonMobil as operator holding 80% working interest.
The remaining 20% working interest lies with GEPetrol.
The Zafiro field is operated by Mobil Equatorial Guinea with a 71.25% interest. GEPetrol and Equatorial Guinea own 23.75% and 5% stake respectively.
Located in water depths between 400ft and 2,800ft, the field has produced more than one billion barrels during its 20 years of operation.
Alongside block EG-11, ExxonMobil Exploration and Production Equatorial Guinea (Offshore) holds an 80% interest in the adjacent block EG-06.