An ExxonMobil Corp. affiliate will acquire a 75% participating interest in and become operator of a large area in the Zululand and deepwater Durban basins offshore eastern South Africa.
To be acquired from Impact Africa Ltd., a subsidiary of Impact Oil & Gas Ltd., Woking, UK, the interest covers the Tugela South Exploration Right comprising blocks 2931C, 2931D, 2932C, and 2932A in the Zululand basin.
ExxonMobil Exploration & Production South Africa Ltd. also has the right to acquire 75% participating interests in future exploration rights in three offshore areas covered by technical cooperation permits (TCP) held by Impact. South African government approval is required.
The Tugela South Exploration Right covers 2.8 million acres offshore east and northeast of Durban from the shoreline to 6,500 ft of water. It lies 300 miles northeast of oil and gas production off Mossel Bay, South Africa, and 400 miles south of onshore gas production in southern Mozambique.
The future exploration rights cover a further 16 million acres in as much as 9,800 ft of water known as the Tugela North and West Bredasdorp TCPs and the as yet to be applied for Transkei/Algoa TCP.
Separately, the ExxonMobil affiliate executed a TCP with the South African government to study for 1 year the hydrocarbon potential of the deepwater Durban basin covering 12.4 million acres off Durban. The affiliate can apply to the government for an exploration right if it chooses to explore the area further.