Morocco signs oil exploration agreement with Danish Maersk Oil
Morocco's state-owned Hydrocarbons and Mining Office (ONHYM) has signed an exploration agreement with Denmark's Maersk Oil, reported MAP. The European firm acquired eight licenses for exploration on the southern shores of Tarfaya, Morocco.
According to the agreement, Maersk Oil will provide ONHYM with 2-D and 3-D seismic date and will carry out geological studies to evaluate the hydrocarbon potential of a 15,000 square kilometer area.
This is the first deal signed between Morocco and Maersk Oil since 1985. The agreement is part of ONHYM's strategy to encourage international oil companies to invest in the Moroccan oil sector.
Last week, Maersk Oil signed an Exploration/ Appraisal and Production Sharing Agreement with Qatar Petroleum (QP). The contract renews an existing agreement under which Maersk Oil Qatar is the operator of the Al-Shaheen field north of Qatar. — (menareport.com)
© 2004 Mena Report (www.menareport.com)