Chevron Morocco Exploration has signed an agreement with Moroccan hydrocarbons and mining firm Office National Des Hydrocarbures Et Des Mines to acquire stakes in three offshore exploration blocks
The blocks, Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep, located between 100-200km west and northwest of Agadir, cover a total area of about 29,270 sq km.
After the completion of the deal, the company will acquire seismic data and conduct studies in the deepwater blocks situated at an average water depth ranging between 100-4,500 metres.
Chevron Africa and Latin America Exploration and Production Company president Ali Moshiri said, “This is an opportunity for Chevron to expand its already strong presence in the region. This will also allow us to acquire further knowledge about geology in an emerging area.”
After the transaction, Chevron Morocco Exploration will hold 75 per cent working interest in the three blocks, while the Office National Des Hydrocarbures Et Des Mines will have the remaining 25 per cent interest.