Woodside Petroleum has finalised an agreement to farm-in to Chariot Oil & Gas’ Doukkala Basin assets, offshore north-western Morocco.
Under the agreement, Woodside will acquire 25% working interest in Rabat Deep Offshore permits I-VI, Morocco, and pay all of the 3D seismic acquisition and processing costs incurred.
Woodside retains the option to acquire a further 25% stake and operate the permits as part of the agreement.
Chariot will remain the operator with a 50% stake, while the Office National des Hydrocarbures et des Mines holds the remaining 25% interest.
The Rabat Deep licence area is located 50km offshore in water depths ranging from 150m to 3,500m.
Chariot said an early seismic survey of its Rabat Deep licence identified a prospective resource of 618 million barrels of oil.
Chariot acquired 1,700km² of 3D seismic data throughout its Moroccan portfolio in April 2014.
The data is currently being processed and interpretation is expected to be completed by the first half of 2015.
Chariot Oil & Gas CEO Larry Bottomley said: "We are pleased to have signed this farm-out agreement with Woodside and look forward to working with them in order to identify a priority well location for this giant prospect.
"Woodside is an experienced basin opener, firmly focused on large-scale projects with material production potential."
Woodside CEO Peter Coleman said: "Exploration in this basin aligns with our strategy to secure new international growth opportunities in frontier and emerging basins characterised by materiality and quality.
"This opportunity has been supported by Woodside’s disciplined approach to studying regional petroleum systems, including the Atlantic margins, and is a good fit with our core capabilities in deep-water exploration and production."