Qatar Petroleum has obtained the licensing to prospect for oil and gas in Morocco’s southern costs, according to Moroccan news outlet Hespress.

Moroccan authorities have extended the previous license for two-years to a consortium including Qatar Petroleum, American Chevron, Moroccan National Hydrocarbons and  Mines Office (ONHYM), to operate the exploration of oil and gas in the seas surrounding southern Morocco.

 
This extension follows an agreement signed between Qatar Petroleum and Chevron in February 2016 by virtue of which the Qatar company  acquire 30 percent stake in three deep-water offshore exploration leases off Moroccan coasts.. The leases cover an area of approximately 29,200 square km, located between 100-200 km west and northwest of Agadir city.

Supported by Chevron, which owns a 40% share in the maritime oil exploration off Morocco’s coasts, Qatar Petroleum will oversee the operations in accordance with the decision of the Moroccan government.

Last February, Morocco World News reported that, as per the agreement between Qatar Petroleum and Chevron, which was approved by the Moroccan government, the American company  would reduce its share in three leases to 45% and remain the operator of the deep-water leases in conjunction with ONHYM, which will retain a 25% holding.

President of Chevron Africa and Latin America Exploration and Production, Ali Moshiri, said at the time, “The agreement is a milestone in both companies’ efforts to maximize the value of exploration and production assets through long-term relationships.”

Source:Morocco World News