Europa Oil & Gas, the UK oil and gas exploration company, has announced it is close to obtaining an offshore exploration permit for Morocco.
Rabat – In a letter addressed to its shareholders on July 1, the exploration company stated it has completed negotiations with the Moroccan National Office of Hydrocarbons and Mines (ONHYM) and has prepared the relevant contracts for the permit.
According to Europa Oil & Gas, the final piece of administration required before the permit is issued is a bank guarantee.
“We are working hard to complete this final round of documentation and once in place we will sign the agreements with ONHYM in Rabat,” the company revealed.
The scope of the exploration permit has not yet been announced. It will cover the “Atlantic margin of Morocco,” a strip along Morocco’s coastline from Tangier in the country’s far north to Laguera, the southernmost point of Western Sahara in southern Morocco.
The company stated it would provide more information on the licence once it signs the agreement with ONHYM.
Europa Oil & Gas has until now only undertaken explorations in the UK and Ireland. It will be the company’s first venture in Morocco.
A number of foreign companies are actively collecting data on drilling opportunities in Morocco.
This year, ONHYM has already signed three agreements with major foreign exploration companies including Chariot Oil and Gas (Morocco), Predator Gas Ventures, Qatar Petroleum and ENI.
In 2018, according to ONHYM data, thirteen foreign partners invested MAD 1.41 billion in petroleum exploration in Morocco, and ONHYM invested MAD 31 million.
Investors drilled seven new wells last year, including one offshore well.