ExxonMobil has that it will start exploration activities offshore South Africa after agreeing to acquire a 75 per cent participating interest in the Tugela South Exploration Right from Impact Oil & Gas
Through its affiliate, ExxonMobil Exploration and Production South Africa Limited, the oil giant signed an agreement with Impact subsidiary Impact Africa.
ExxonMobil will also become operator of the permit, which covers more than 11330 square metres offshore Durban, with water depths extending from the coastline to more than 1,980 metres.
Stephen Greenlee, president of ExxonMobil Exploration Company, said, "We believe South Africa has significant potential and we will continue to look for additional opportunities there.
"We look forward to working with Impact and the South African government to explore for oil and gas in this new area for ExxonMobil."
As per the terms of the deal, which remains subject to South African government approval, ExxonMobil will also acquire interests in future exploration rights an additional 64749.7 sq km offshore in three offshore areas covered by technical cooperation permits currently held by Impact.
ExxonMobil also signed a technical cooperation permit with the South African government to study the hydrocarbon potential of the Deepwater Durban Basin for one year.
