South Sudan Offers Total Oil Block to Exxon, Kuwait Petroleum

LONDON - Exxon Mobil Corp. and Kuwait Petroleum Corp.'s Kufpec have "agreed in principal" to take over part of a giant oil block long held by Total SA, according to a top official in South Sudan's national oil company.

Total will keep a stake in the field.

"The block will be given to these three companies," he said. "They have accepted in principal."

Exxon said in a statement that it doesn't comment on potential opportunities or commercial decisions.

South Sudan said its decision was prompted in part by Total's failure to expedite exploration in the block, which it received more than 30 years ago.

Copyright (c) 2012 Dow Jones & Company, Inc.

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