Kerr-McGee acquires Moroccan deepwater block
Kerr-McGee du Maroc Ltd. has acquired 33.33 percent interest in the 3 million-acre Cap Draa Haute Mer exploration license offshore Morocco during the exploration phase.
The block lies in water depths of 650 feet to 6,500 feet, approximately 30 miles off the coast of Morocco. Acquisition of 3-D seismic data will begin in 2001, with drilling activity expected within three years.
Other partners in the license are Enterprise Oil plc, who will be the operator with 40 percent interest and Energy Africa Ltd., 26.67 percent. Office National de Recherches et D'Exploitations Petrolieres (ONAREP), the Moroccan state oil company, will have a right to acquire proportionately from each party 25 percent interest in the licenses upon declaration of a commercial field.
© 2000 Mena Report (www.menareport.com)