Hydro signs exploration agreement off the Moroccan coast
Hydro signed an agreement about exploration off the Moroccan coast on Monday. Hydro will be operator of the exploration program, with an ownership interest of 48.75 percent. Dana Petroleum and ONAREP will be partners in the project.
The agreement comprises four licences covering 6,540 square kilometres at a sea depth of 300 to 3,000 metres.
”We signed an investigation contract for the North-West Safi licence in April 2004. During autumn last year 1,000 line-kilometres of 2D seismic was collected. Supplemented with complementary geological studies the data confirms possible oil and gas deposits,” said Hans-Helmut Berchelmann, head of the New Areas unit in Business Development.
Further collecting of seismic and interpretation of exploration models are now being planned. This work will form the basis for a decision about potential exploration drilling or possible farm-outs or swaps.
”Encouraging geological information from new 2D seismic and a systematic evaluation will now be pursued. Preparations for a major 3D seismic survey have already started,” said Berchelmann.