Wednesday, 23 January 2013

Chevron hits Moroccan deep-water blocks

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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