Petronas signs offshore petroleum agreement with Morocco’s ONAREP
Malaysia’s Petronas has entered into a petroleum agreement and association contract with the Office National de Recherches et d'Explorations Pétrolières (ONAREP), the national oil company of Morocco, for an offshore deepwater Rabat-Sale Haute Mer area in the Arab state.
The Rabat-Sale Haute Mer block covers an area of 14,000 square kilometers and is located in water depth of between 1,000 and 4,000 meters. Under the agreement, Petronas’ Carigali Overseas (PCOSB) subsidiary will acquire and process 2,000 kilometers of new 2D seismic data and drill one exploration well in the Initial Period of three years.
Subsequently, PCOSB will acquire and process 1,000 kilometers of new 2D seismic data and drill another exploration well in the First Extension Period of two years, and then acquire and process another 1,000 kilometers of new 2D seismic data and drill one more exploration well in the subsequent Second Extension Period of three years.
PCOSB is the operator of the block with 75 percent equity and the remaining equity of 25 percent is held by ONAREP. Petronas also holds interest in the Tiznit Block, Morocco and is actively engaged in upstream operations in other North African countries. — (menareport.com)
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