World Oil
Mubadala Petroleum has signed an agreement with Morocco’s Office National des Hydrocarbures et des Mines (ONHYM) to carry out an evaluation of the hydrocarbon potential of a large area offshore Morocco’s Mediterranean coast.
Commenting on the agreement, Musabbeh Al Kaabi, CEO, Mubadala Petroleum, said, “We are pleased to be able to build on the strong relationship between U.A.E. and Morocco in this tangible way. We very much hope this agreement will pave the way for further co-operation with ONHYM both on the more detailed exploration of the Mediterranee Ouest area and in other projects.”
The agreement provides Mubadala Petroleum with an exclusive reconnaissance license to carry out detailed geological evaluation of the hydrocarbon potential of an area designated as Mediterranee Ouest. This is an area comprising 3,433 km2offshore Morocco.
Mubadala Petroleum will provide ONHYM with the results of its evaluation on completion.
