US oil company Chevron will carry out exploration drillings for oil in Morocco’s offshore under petroleum agreements signed with the Office National Des Hydrocarbures Et Des Mines of the North African country.
Chevron Morocco Exploration Ltd will acquire seismic data and conduct field studies on three deep-water blocks known as Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep, located between 100 to 200 kilometers west and northwest of Agadir, the country’s southwest.
The three blocks encompass approximately 29,200 square kilometers with average water depths ranging from between 100 to 4500 meters.
The Moroccan subsidiary of the California-headquartered US oil giant has a 75 percent working interest in the three blocks, while Morocco holds the remaining 25 percent.
Speaking to reporters during the signing ceremony, Vice Chairman of Chevron Corporation Mr. George Kirkland said “We look forward to participating in exploration activities in Morocco, which provides Chevron an opportunity to advance our growth strategy in frontier basins”.
For his part, Mr. Ali Moshiri, president, Chevron Africa and Latin America Exploration and Production Company, said, “This is an opportunity for Chevron to expand its already strong presence in the region and allows us to acquire further knowledge about promising geology in an emerging area.”
Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels.
Several foreign companies conducted exploration drillings or explored for oil onshore or offshore Morocco. These include China Offshore Oil Corporation (CNOOC), Norway’s Norsk Hydro, Denmark’s Maersk, Kerr-McGee, Petronas, Cooper Energy NL, Shell, Total, Tullow Oil and others
Morocco, which produces small volumes of oil and natural gas, is the largest energy importer in northern Africa. In 2011, Morocco’s energy bill reached nearly $ 10 billion. To reduce its dependency on oil imports, the Moroccan government has come up with an ambitious strategic plan aimed at boosting renewable energies.