Exxon ends oil exploration with Total in South Sudan

|About: Exxon Mobil Corporation (XOM)|By:, SA News Editor

Exxon Mobil (NYSE:XOM) and Total (NYSE:TOT) are ending their exploration plans in South Sudan, as a civil war in the country enters its eighth month.

XOM is not renewing an agreement to negotiate for joint exploration over parts of a 120K sq. km concession in the country; TOT says it is still bidding to explore in partnership with Kuwait Foreign Exploration Petroleum Co.

Crude oil output, South Sudan’s almost sole source of revenue, has fallen by at least a third to ~160K bbl/day since conflict erupted in December.