Oil and gas company Genel Energy signed a petroleum agreement and association contract with Morocco’s National Office of Hydrocarbons and Mines (ONHYM) to conduct exploration activities in the offshore Lagzira Block.
Under the terms of the deal, Genel Energy – with a 75% stake – will explore the block in three phases over an eight-year period. At present, the company is seeking a farm-in partner to explore the block.
Drilling conducted by Genel Energy in 2014 revealed a proven petroleum system, with 3D seismic data acquired by Genel Energy in 2018 showcasing additional prospects. Over 18 leads were identified, with the block’s potential oil reserves measured at 2.5 billion barrels.
