London South East
LONDON (Alliance News) – Tangiers Petroleum Limited Friday said it is moving towards production at the Tarfaya Block offshore Morocco.
The oil and gas exploration and development company said the environmental approval process for the site is progressing, and the public review will be concluded in the upcoming few weeks.
The company also said a survey vessel has been moved to offshore Morocco and is preparing to start surveying the site over the proposed Tao-1 well location.
Tangiers added that Galp Energia SGPS SA, its partner at the site and the operator, is currently screening the market for potential rig sharing options and is preparing tender documents for the rig.
The company also said its joint order approval for the assignment of operations to Portugal-based Galp Energia has been signed by the Moroccan Minister of Energy, and approvals from the Ministry of Finance are expected shortly, which will complete the joint order.
Tangiers Petroleum shares were up 1.9% to 13.25 pence Friday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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