Exxon Mobil Corporation (NYSE:XOM) has entered into a new deal with Canadian Overseas Petroleum Limited.

Under this new deal, Exxon Mobil Corporation (NYSE:XOM) has agreed to purchase a 70 percent interest in Block LB-13 off Liberia once Canadian Overseas Petroleum Limited (COPL) completes the purchase from its current owner.

Arthur Millholland, President and CEO of COPL said, “We are very pleased to work with ExxonMobil Corporation (NYSE:XOM) on this project. Offshore West Africa is an exciting region for oil exploration, and though lightly explored to this point, we believe the Liberian basin holds tremendous promise. We look forward to partnering with the Liberian government and NOCAL to invest in and progress the developing oil and gas industry within the country.”

Exxon Mobil Corp. (NYSE:XOM) company shares are currently standing at 78.25.

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