ExxonMobil Exploration, an affiliate of Exxon Mobil Corporation, and Production South Africa will soon begin exploration activities offshore South Africa.
The ExxonMobil affiliate signed an agreement with Impact Africa, a subsidiary of Impact Oil & Gas, to acquire a 75% participating interest in the Tugela South Exploration Right and will become operator.
The exploration rights and the affiliate’s 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. The future exploration rights cover an additional 16 million acres offshore with water depths extending from the coastline to approximately 9.800 feet.
“We look forward to working with Impact and the South African government to explore for oil and gas in this new area for ExxonMobil,” said Stephen M. Greenlee, president of ExxonMobil Exploration Company. “We believe South Africa has significant potential and we will continue to look for additional opportunities there.”
ExxonMobil Exploration has also 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. The permit is an exclusive right to study the area for one year, and the company can apply to the South African government for an exploration right if it chooses to explore this area further.
