Rabat – London-listed energy company Genel Energy has announced signing an agreement with Morocco’s Office National des Hydrocarbures et des Mines (ONHYM) on an oil exploration permit on the Lagzira block offshore Morocco’s Atlantic coast.
In a statement, the company explained that the Lagzira block — formerly known as Sidi Moussa — is a large offshore license in water at a depth of 200 to 1,200 meters and covering a high-prospective area for oil exploration.
According to the company’s statement, Genel Energy has a 75% interest in the project while Morocco’s ONHYM has a 25% interest.
The agreement covers an eight-year exploration term that consists of three exploration periods.
Regarding the permit, the UK company explains that it has identified 18 high-prospective areas with over 2.5 billion barrels of oil equivalent (bboe), and individual prospects estimated at 100-700 million barrels of oil (MMbbls) each.
After sealing the agreement, Genel announced that it has launched a process to find a partner to fund the exploration program under the permit. The company plans to use the funds to drill and test one of the high-graded prospects.
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