Exxon Exploration Off SA

27 Dec 2012

The American oil giant Exxon Mobil Corp is exploring the sea off South Africa for oil. An agreement in this connection has been signed between Exxon that has 75 per cent stake in British impact Oil and Gas Ltd and Africa Ltd, a subsidiary of British Impact. The exploration at present covers 2.8 million acres offshore up to a depth of 1.98 km. Future explorations are expected to cover 16-million acres offshore up to a depth of 2.99 km. The South African government has given exclusive rights to Exxon to study the potential of Durban basin.

Exxon is believed to be lagging behind in finding new energy sources, even as the demand for oil is increasing in Africa and India. The new exploration off South Africa may help the American giant meet the demand in African countries.

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