Exxon to take control of South African offshore operation
Date
12/18/2012 7:48:09 AM
(MENAFN) US oil and gas giant Exxon Mobil Corp. has agreed to acquire a 75 percent stake in offshore South African blocks owned by Impact Oil & Gas Ltd., Bloomberg reported.
Exxon doesn't have any existing operations in South Africa and will explore for oil and natural gas, Patrick McGinn, a company spokesman said.
Exxon said it will take control of operations in the area it's acquiring in the Tugela South Exploration Right from closely held Impact.
Terms weren't disclosed for the acquisition, which includes the right to buy a 75 percent stake in three other offshore areas Impact has permits to study.
The company is turning to South Africa, which has become one of Africa's hottest attractions for energy producers such as Royal Dutch Shell Plc and Anadarko Petroleum Corp., to offset production declines in other parts of the world.
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