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March 18, 2015

Mubadala to explore large offshore area in Morocco

Mubadala Petroleum has agreed to explore the hydrocarbon potential of a large area off the Morocco's Mediterranean coast.

By admin-demo

Mubadala Petroleum has agreed to explore the hydrocarbon potential of a large area off the Morocco Mediterranean coast.

The agreement with Morocco’s Office National des Hydrocarbureset des Mines (ONHYM) provides Mubadala with an exclusive licence to undertake a detailed geological survey of the Mediterranee Ouest area, which comprises 3,433km².

The company will provide the government with the results of the survey after completion.

"We very much hope this agreement will pave the way for further co-operation with ONHYM."

Mubadala Petroleum chief executive officer Musabbeh Al Kaabi said: "We are pleased to be able to build on the strong relationship between the UAE 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 on other projects."

Mubadala manages assets and operations spanning 12 countries, with a primary geographic focus on the Middle East, Africa, Central and Southeast Asia.

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The company’s existing working interest production is approximately 400,000 barrels of oil equivalent per day.

In Southeast Asia, Mubadala operates a range of assets located in Thailand, Indonesia, Malaysia and Vietnam.

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