ExxonMobil Buys Majority Stake In South African Project

Law360, New York (December 18, 2012, 4:42 PM EST) -- Texas oil and gas giant ExxonMobil Corp. has agreed to acquire a majority operating interest in a South African offshore energy exploration project from U.K.-based Impact Oil & Gas Ltd. and plans to begin initial prospecting activities in 2013, both companies said Monday.

Exxon's affiliate, ExxonMobil Exploration and Production South Africa Ltd., reached an agreement with an Impact subsidiary to acquire a 75 percent stake in the Tugela South Exploration Right, a group of three offshore blocks in the Indian Ocean off the east coast of...
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