The eight-year license agreement paves the way for the three parties to conduct surveys of the gas reserves available in the southern part of Morocco’s offshore basin, with the parties conducting drilling activities after approximately two and a half years, subject to compliance with a work plan.
The move follows NewMed Energy progressing with a merger with Capricorn to create a larger oil and gas company that will focus on maximizing the exploitation of the vast hydrocarbon resources across the Middle East and in Africa.
According to Yossi Abu, CEO, NewMed Energy, “For a long time now, we have recognized a huge potential in Morocco for collaborations in both the natural gas and renewable energy sectors.” As such, this deal is set to expand the Moroccan energy market even further on the back of cooperation.
