Exxon Mobil Corp., the biggest U.S. oil company, will begin exploring off the coast of South Africa after it agreed to buy a 75 percent stake in blocks owned by Impact Oil & Gas Ltd.
Exxon will control operations in the area it’s acquiring in the Tugela South Exploration Right from closely held Impact, according to a statement from the Irving, Texas-based company Monday. Terms weren’t disclosed for the acquisition, which includes the right to buy a 75 percent stake in three other offshore areas Impact has permits to study. Exxon has been facing production declines as discoveries from past decades falter and governments in the Middle East and Latin America prohibit exploration by foreign businesses or make it too expensive.
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