Special to WorldTribune.com
WASHINGTON — A Western company has acquired an interest in what could be a major energy exploration block in Morocco.
Canada’s East West Petroleum has signed an agreement with Morocco’s state-owned Office National des Hydrocarbures et des Mines, or ONHYM, to acquire 75 percent of the Doukkala Block, which encompasses 500,000 acres.
The transaction comes amid Morocco’s intensified effort to search for
crude oil and natural gas. Under the agreement, East West would become a
partner of Morocco’s ONHYM to explore for energy over the next eight years.
Executives said Doukkla, East West’s entry to Morocco, was believed to
contain energy in shale at a depth of between 1,500 and 3,000 meters.
Morocco has determined that it contains major reserves of oil shale.
