ExxonMobil to explore offshore South Africa

12/17/2012

ExxonMobil to explore offshore South Africa

BY ANGEL GONZALEZ

HOUSTON--Exxon Mobil Corp. said it would begin scouring the depths of the oceans off South Africa for oil and gas.

The world's largest publicly traded oil company by market value said it agreed to acquire a 75% stake in the Tugela South Exploration Right from a subsidiary of Impact Oil & Gas Ltd.

Exxon, which is becoming the operator, also has the right to buy 75% stakes in three offshore areas held by Impact.

The move underscores the African offshore's growing role in supplying global oil and gas markets.

Nigeria and Angola are already significant oil producers, but huge discoveries offshore Ghana in West Africa and offshore Mozambique in the eastern coast of the continent have lured big oil companies like Chevron Corp. and Italy's Eni SpA to those emerging areas. South Africa's offshore is also surfacing as a promising new area for exploration.

Exxon said it also inked an exclusive technical cooperation agreement with the South African government to study the oil and gas-bearing potential of the deepwater Durban basin for a year.

Dow Jones Newswires

 

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