NewMed Energy has signed agreements with Adarco Energy and Morocco’s National Office of Hydrocarbons and Mines for the performance of natural gas and/or oil exploration and production activity in the Boujdour Atlantique exploration licence, which is located off the coast of Morocco in the Atlantic Ocean
According to the agreements, NewMed Energy shall hold 37.5% of the interests in the exploration license. Adarco Energy shall hold another 37.5%, and the remainder of 25% is granted to Morocco’s National Office of Hydrocarbons and Mines, in accordance with the Hydrocarbon Law of Morocco.
As previously announced at the investors’ conference held in February of this year, the partnership revealed it was in an advanced process of obtaining exploration permits in Morocco, and that it had identified Morocco as a target country with enormous geological and commercial potential.
The asset Boujdour Atlantique is in the south of Morocco’s EEZ and the license therein is to be issued for a total of eight years. According to the planned work plan, 30 months from the date of the granting of the license, a geological and geophysical analysis will be performed in the area of interest, and an initial exploration drilling is planned after around 2.5 years. The agreements are contingent on receipt of approval from Morocco’s Ministry of Energy Transition and sustainable development and Ministry of Finance, and the approval of the general meeting of NewMed Energy.
Yossi Abu, CEO of NewMed Energy, "We have long identified enormous potential in Morocco and today’s announcement is part of an extensive strategic move that will render NewMed Energy the leading energy body in the East Mediterranean region and North Africa. We are maximising the value from our core assets alongside expansion of the existing business, launching natural gas exploration and production activity in other countries and developing alternative energy operations.'
