ExxonMobil announced that it has signed a petroleum agreement with the government of Ghana to acquire exploration and production rights for the Deepwater Cape Three Points block. The agreement is subject to parliamentary ratification. Exploration activities, including acquisition of seismic data and analysis, are expected to commence later in 2018. The Deepwater Cape Three Points block, located 57 miles (92 kilometers) off the coast of Ghana, measures approximately 366,000 acres (1,482 square kilometers) in water depths ranging from 5,085 feet to 9,350 feet (1,550 meters to 2,850 meters). ExxonMobil will carry out the work program as operator, and holds 80% interest. Ghana National Petroleum Corporation holds 15% interest. ExxonMobil will work with the government to identify a Ghanaian company to potentially hold up to 5% interest.