STAVANGER, Norway, Oct. 29 (UPI) -- Norwegian energy company Statoil said that, for the first time ever, it was studying the potential reserves off the coast of South Africa.
Statoil, for an undisclosed sum, acquired a 35 percent stake in a frontier basin off the southeast coast of South Africa from a regional exploration subsidiary of Exxon Mobil. The so-called Tugela South exploration basin covers about 3,500 square miles. Water depths are up to 1.1 miles.