Exxon To Start Oil Exploration Activity In Offshore South Africa

From Ventures Africa

Exxon Mobil Corporation, the US oil and gas giant, on Thursday said its South African subsidiary, ExxonMobil Exploration and Production SA, was poised to start exploration activities at offshore South Africa.

ExxonMobil South Africa signed an agreement with Impact Africa (Impact), a subsidiary of Impact Oil & Gas Limited, to acquire a 75 percent participating interest in the Tugela South Exploration Right and will become operator.

In terms of the agreement, the South African unit also has the right to acquire 75 percent participating interests in future exploration rights in three offshore areas covered by technical cooperation permits currently held by Impact.

These exploration rights and the South African units’ participating interest in them are subject to South African government approval.

The Tugela South Exploration Right covers approximately 2.8 million acres offshore Durban on the east coast of South Africa with water depths extending from the coastline to approximately 6.500 feet.

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