Woodside adds to exploration acreage in Morocco

Market: Crude oil, Natural gas
26/11/14

Australian independent Woodside Petroleum has increased its presence in Morocco through a reconnaissance licence with state-owned oil company ONHYM to explore a block in the Rabat ultra-deep offshore area.

The block, with depths ranging from 1,700m to 4,400m, is located just west of the Rabat Deep Offshore 1-6 permits, in which Woodside acquired a 25pc interest in July. This deal is still subject to ministerial approval.

Commitments under the work programme include a 2D seismic survey and studies. The licence duration is for 12 months and is also subject to ministerial approval. The original entry into Morocco this year marked the return of Woodside to Africa, which has also added acreage in Gabon, Tanzania and Cameroon during the past four months.

Woodside spent much of the late 1990s and early 2000s expanding its foreign presence, mainly in Africa, where it had interests in Algeria, Libya, Mauritania, Sierra Leone and Kenya. But its foray into Africa ended after it sold its interests on the continent during 2004-11.

km/rjd

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