ExxonMobil has signed a deal for new oil and gas exploration across 28,000 square kilometres in Namibia.
The energy giant made the agreement with the Namibian Government and the National Petroleum Corporation of Namibia (NAMCOR) for blocks 1710, 1810, 1711 and 1811A – it plans to begin exploration activities, such as the acquisition and analysis of seismic data, later this year.
The territory extends from the shore to around 215 kilometres away from land, with depths rising to as much as 4,000 metres.
ExxonMobil also holds a 40% stake in another offshore oil and gas license in Namibia, totalling an area of 11,500 square kilometres.
Mike Cousins, Senior Vice President of Exploration and New Ventures at ExxonMobil, said: “These agreements provide ExxonMobil with an opportunity to explore for hydrocarbons using advanced technology in the frontier Namibe basin.
“We will employ our significant upstream experience and technological expertise and work in close collaboration with NAMCOR in exploring these blocks.”
A recent analysis suggests global planned investment of $4.9 trillion (£3.8tn) in new oil and gas exploration and extraction over the next decade is incompatible with international climate obligations.