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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.