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.

Total announces significant oil discovery in the Gulf of Mexico

Total has announced a significant oil discovery at its North Platte prospect on Garden Banks Block 959 in the deepwater Gulf of Mexico. The discovery well encountered several hundred feet of net oil pay in Lower Tertiary sands which included several high-quality intervals.
Total estimates this discovery can have a potential of several hundred million barrels of oil. Further appraisal will be needed to confirm its size and commerciality.
Total is in a strategic alliance with Cobalt International Energy to explore for oil in the Deepwater Gulf of Mexico. The North Platte discovery is the first Lower Tertiary Wilcox formation well drilled by the Alliance. The results of the well confirm the northern extension of the Wilcox formation and the presence of liquid hydrocarbons. Therefore, this validates the major potential of this new exploration area of the Gulf of Mexico in which Total holds a substantial acreage position with several follow-on prospects.
North Platte is located in a water depth of approximately 4,400 feet (1,340 m) and was drilled to a total depth of approximately 34,500 feet (10,520 m).

Total holds a 40% interest in the North Platte discovery along with Cobalt (60%, operator).