facebook
twitter
search
search

Exxon to explore deep South African waters

Dec. 18, 2012 at 5:42 AM

IRVINE, Texas, Dec. 18 (UPI) -- U.S. supermajor Exxon Mobil said it signed agreements to start exploration work in the deep waters off South Africa.

Exxon becomes the operator in the Tugula South exploration region off eastern South Africa in an agreement with Impact Africa Ltd. The region covers 2.8 million acres off in an area extending from the coastline to waters as deep as 6,500 feet.

Future exploration rights, the company said, may include another 16 million acres in water depths as deep as 9,800 feet.

Stephen Greenlee, president of Exxon's exploration company, said the deal marked a frontier development for his company.

"We believe South Africa has significant potential and we will continue to look for additional opportunities there," he said in a statement.

Separately, Exxon said it signed a technical cooperation deal with the South African government to examine the hydrocarbon potential in the deep waters of the Durban basin, which covers about 12.4 million acres.

The company didn't indicate its reserve expectations. The U.S. Energy Department's Energy Information Administration estimates South Africa has proven oil reserves of about 15 million barrels but declining natural gas reserves.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
Google apologizes for photo app that tagged black couple as 'gorillas'
Kuwait orders NBC reconnaissance vehicles
Netherlands orders Bushmaster armored vehicles
Mayo won't stick to packaging thanks to new technology
Royal Navy ships receiving maintenance services in Bahrain