IRVING, Texas -- Exxon Mobil Corporation has announced that its wholly owned affiliate, Exploration and Production Equatorial Guinea (Deepwater) Ltd., has signed a production sharing contract with the government of Equatorial Guinea for a deepwater block located 36 mi west of Malabo.

“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,” said Steve Greenlee, president of Exxon Mobil Exploration Company. “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.”

Deepwater block EG-11 measures about 307,000 acres (1,242 km²) and is adjacent to Zafiro field, located in Block B.

Following ratification of the contract by the government, Exxon Mobil will carry out the work program as operator with an 80% working interest. GEPetrol holds a 20% working interest.

The contract includes a commitment to acquire new and reprocess existing 3D seismic data. Exxon Mobil will also work with the government of Equatorial Guinea to further develop the national workforce.

Mobil Equatorial Guinea Inc. operates Zafiro field with 71.25% interest. GEPetrol has 23.75% interest and Equatorial Guinea has 5%. The field is in water depths between 400 ft and 2,800 ft and has produced more than 1 Bbbl in its more than 20 years of production. Exxon Mobil Exploration and Production Equatorial Guinea (Offshore) Ltd. holds an 80% interest in block EG-06, which is adjacent to block EG-11.