Energy Firm Esso, ONHYM Sign Offshore Exploration Contracts in Morocco

Esso Exploration International Limited, a subsidiary of American energy giant ExxonMobil Corporation, has signed two recognition contracts with Morocco’s National Office of Hydrocarbons and Mines (ONHYM).

Rabat – Esso Exploration International Limited, a subsidiary of American energy giant ExxonMobil Corporation, has signed two recognition contracts with Morocco’s National Office of Hydrocarbons and Mines (ONHYM).

Signed at ONHYM’s headquarters in Rabat, the contracts cover offshore areas Safi-Essaouira and Agadir-Ifni, according to a statement from ONHYM.

The agreement was formalized by ONHYM General Director Amina Benkhadra and Esso President Charles David Tautfest. The deal marks ExxonMobil’s first re-entry into the Moroccan market since the merger of Exxon and Mobil in 1999.

ExxonMobil is one of the world’s largest publicly traded energy and petrochemical companies. It is known for its extensive involvement in hydrocarbon exploration and production across 20 countries, along with its global petrochemical, refining, and distribution operations.

ONHYM currently collaborates with 14 partners through 19 petroleum agreements and one recognition contract, reflecting its active role in promoting the country’s hydrocarbon prospects.

Morocco’s industrial boom is continuing to attract major energy players. According to ONHYM, the country attracted investments worth €25 million (MAD 280 million) in the first nine months of 2022.

The Moroccan office itself invested €1.5 million (MAD 16.8 million) in oil exploration in the first nine months of 2022.

The remaining investments came from 11 oil and gas companies operating across a total area of 207,423 square kilometers. The exploration zones are located both onshore and offshore.

The North African country has granted 58 exploration permits and 10 exploitation concessions to support energy exploration projects throughout the country.