According to the work plan, within 30 months from the date the license is granted, a geological and geophysical analysis will be performed in the area of interest, and initial exploration drilling is scheduled to commence after about 2.5 years.
Israel’s NewMed Energy on Tuesday announced it has signed a deal with Morocco and Adarco Energy for offshore natural gas exploration and production licenses in the north African kingdom.
Under the terms of the agreements, NewMed and Adarco will each hold a 37.5 percent stake in the Boujdour Atlantique exploration license, located off the coast of Morocco in the Atlantic Ocean. Morocco’s National Office of Hydrocarbons and Mines will own the remaining 25%.
“We have long identified enormous potential in Morocco and today’s announcement is part of an extensive strategic move that will render NewMed Energy the leading energy body in the East Mediterranean region and North Africa,” NewMed CEO Yossi Abu said in a statement.
The 8-year license for exploration in the Boujdour Atlantique, which lies in the south of Morocco’s offshore economic zone, includes prospects for natural gas and oil discoveries. According to the work plan, within 30 months from the date the license is granted, a geological and geophysical analysis will be performed in the area of interest, and initial exploration drilling is scheduled to commence after about 2.5 years.
The agreements must still be approved by Morocco’s ministry of energy transition and sustainable development and ministry of finance. Morocco normalized ties with Israel in December 2020, as part of the US-backed Abraham Accords that opened diplomatic relations between the Jewish state and several Arab countries.
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