Rabat - UAE's Mubadala Petroleum Company, a subsidiary of Abu Dhabi's state-owned Mubadala Development Company, announced on Wednesday that it had signed an agreement with Morocco's Office National des Hydrocarbures et des Mines (ONHYM) to explore oil and gas potentials off the Mediterranean coast of Morocco.
Rabat – UAE’s Mubadala Petroleum Company, a subsidiary of Abu Dhabi’s state-owned Mubadala Development Company, announced on Wednesday that it had signed an agreement with Morocco’s Office National des Hydrocarbures et des Mines (ONHYM) to explore oil and gas potentials off the Mediterranean coast of Morocco.
The agreement, signed in Casablanca during an official visit by Abu Dhabi’s Crown Prince Sheikh Mohammed bin Zayed Al Nahyan to Morocco, grants the Emirati company an exclusive reconnaissance license to carry out a detailed geological survey of the hydrocarbon potential of an area comprising 3,433 square-kilometers off Morocco’s Mediterranean coast.
Commenting on the agreement, Musabbeh Al Kaabi, Chief Executive Officer, Mubadala Petroleum, said, “We are pleased to be able to build on the strong relationship between the U.A.E. and Morocco in this tangible way. We very much hope this agreement will pave the way for further co-operation with ONHYM both on the more detailed exploration of the Mediterranean Ouest area and in other projects.”
Mubadala said it will provide ONHYM with the results of its geological evaluation on completion, without elaborating on the timetable and the prosepects for oil and gas discoveries.
The company manages assets and operations in 12 countries with a primary geographic focus on the Middle East, Africa, Central and Southeast Asia. Mubadala’s working interest production is approximately 400,000 barrels of oil equivalent per day.