ExxonMobil is set to explore the deepwater Durban Basin offshore South Africa after acquiring 75% stake in the Tugela South Exploration Right, the company announced on 17 December 2012.
The supermajor signed an agreement with Impact Africa Limited for participating interest and operatorship of the deepwater permit. The Tugela South Exploration Right is located on the eastern coast of South Africa and encompasses approximately 2.8 million acres offshore Durban. Water depths in the area extend up to 6,500 ft.
The agreement also grants ExxonMobil to the option to acquire 75% participating interest in three offshore areas covered by technical cooperation permits currently held by Impact. These offshore areas cover approximately 16 million acres and have water depths up to 9,800 ft.
Additionally, The South African government granted ExxonMobil an exclusive one-year permit to study the deepwater Durban basin's hydrocarbon potential. The basin covers approximately 12.4 million acres.
"We believe South Africa has significant potential and we will continue to look for additional opportunities there," Stephen M. Greenlee, president of ExxonMobil Exploration Company, said in a company release.