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ExxonMobil (XOM +0.5%) soon will begin exploring off South Africa after agreeing to acquire a 75% participating interest in the Tugela South Exploration Right from Impact Oil & Gas, with an option to grab a 75% stake in three more offshore areas which together cover 16M acres. XOM also signed a deal with the country's government to examine the hydrocarbons potential of the deepwater Durban basin.
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