Seeking Alpha

Exxon ends oil exploration with Total in South Sudan

  • 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.
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