US supermajor Chevron has been
awarded three new deep-water blocks off Morocco on 75% stakes. Moroccan
hydrocarbon regulators ONHYM will retain a 25% stake in the block trio.
Chevron’s exploration president for
Africa and Latin America Ali Moshiri said that the awards offered “promising
geology in an emerging area”. The company’s vice chairman George Kirkland said
entering Morocco was another step advancing Chevron’s frontier basin growth
strategy.
The San Ramon, California-headquartered
giant said that it would start with acquiring seismic data and conducting field
studies on the deep-water trio, known as Cap Rhir Deep, Cap Cantin Deep and Cap
Walidia Deep.
The blocks are located between 60
and 120 miles west and northwest of Agadir in the country's southwest. Totalling
around 11,300 square miles in area, the blocks lie in average water depths
ranging from between 330 feet and 14,700 feet.
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