ExxonMobil buy 75 pc interest in Tugela Exploration in South Africa

ExxonMobil to buy 75 pc interest in Tugela Exploration in South Africa

5:30 AM, 18th December 2012
ExxonMobil to buy 75 pc interest in Tugela Exploration in South Africa

IRVING, US: ExxonMobil Exploration and Production South Africa Limited, affiliate of Exxon Mobil Corporation, will soon begin exploration activities offshore South Africa. The ExxonMobil affiliate signed an agreement with Impact Africa Limited, a subsidiary of Impact Oil & Gas Limited, to acquire a 75 per cent participating interest in the Tugela South Exploration Right and will become operator.

The affiliate also has the right to acquire 75 per cent participating interests in future exploration rights in three offshore areas covered by technical cooperation permits currently held by Impact. These exploration rights and the affiliate’s participating interest in them are subject to South African government approval.

Separately, the ExxonMobil affiliate also has executed a technical cooperation permit with the South African government to study the hydrocarbon potential of the Deepwater Durban Basin covering approximately 12.4 million acres offshore Durban. A technical cooperation permit is an exclusive right to study an area for one year. The ExxonMobil affiliate can apply to the South African government for an exploration right if it chooses to explore this area further.

“We look forward to work with Impact and the South African government to explore for oil and gas in this new area for ExxonMobil. We believe South Africa has significant potential and we will continue to look for additional opportunities there,” said Stephen M Greenlee, President, ExxonMobil Exploration Company.

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