Morocco has granted a new license for natural gas exploration to an international company in eastern Morocco.
Rabat – Morocco has approved the license application from Predator Oil, allowing the company to explore for gas in Guercif, a town in eastern Morocco.
The eight-year licence will start with an initial 30 months of exploration across 7,269 square kilometers “to the east of producing gas fields and northwest of Sound Energy PLC’s Tendrara gas project,” according to Proactive Investors.
The industry website added that the company will hold a 75 percent stake in the project. The Moroccan National Office of Hydrocarbons and Mining (ONHYM) will only have a 25 percent stake in the project.
Predator Oil CEO Paul Griffiths said that the company selected “Guercif based on its 12 years’ experience of exploring and financing Moroccan opportunities.”
He also said that the region “represents a high impact, low cost, near-term drilling opportunities in a sophisticated and stable business and operating environment that is well understood by management.”
The CEO expressed excitement in the project, saying that it “represents an asset that will fit very well with the company’s strategy of developing gas opportunities.”
Morocco has attracted several international companies, including Sound Energy, a British oil company.
On June 6, 2016, Sound Energy made its first natural gas discovery in the Tendrara area in eastern Morocco. The TE-6 well encountered approximately 28 meters of vertical net gas pay.predotopredator oil
However, the company failed to find natural gas at the TE-9 well in the region. The TE-9 well was drilled to a total measured depth of 2,925 meters and will now be plugged, abandoned, and not tested.