ExxonMobil withdrew from Ghana's deep water oil exploration project only two years after West African countries approved the exploration and production agreement with the US oil giant.

According to Bloomberg and people familiar with the matter, the company gave up all its shares in Deep water Cape Three Points and resigned as an operator after fulfilling its contractual obligations during preliminary exploration.

Exxon Mobil holds 80% of the shares, the state-owned Ghana National Oil Company holds 15% of the shares, and Ghana Oil Company holds the remaining 5% of the shares. People familiar with the matter said that the two partners must now find a new operator for the block.

According to reports, the work completed so far includes processing seismic data of approximately 2,200 square kilometers (850 square miles), but ExxonMobil has not drilled any exploration wells.