Chevron Signs Petroleum Deep Offshore exploration agreements with Morocco
The US Chevron Corporation has signed agreements with Morocco's Office of Hydrocarbons and Mines, ONHYM which will allow Chevron to acquire seismic data and conduct studies in deepwater areas known as Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep located between 60 miles and 120 miles west and northwest of Agadir.
Source : https://www.marocafrik.com/english/Chevron-Signs-P...
The areas encompass about 11,300 square miles with average water depths ranging from between 330 feet to 14,700 feet.ONHYM.Chevron has a 75% working interest in the three areas, with ONHYM holding the remaining 25% according to wire reports.Chevron is the second largest oil company United States by market value. Mr Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production Co indicated that this was an opportunity for Chevron to expand its presence in the region.
Morocco has seen growing interest from international oil and natural gas companies. U.S. company Plains Exploration and Production, Gulfsands Petroleum, based in London, and Turkish company Genel Energy and Cairn Energy have all made similar moves on the emerging Moroccan market.
The CIA World Factbook estimates that, as of January 2012, Morocco had proven oil reserves of around 680,000 barrels, 99th in the world. Natural gas estimates from 2012 were at 49 billion cubic feet, 98th in the world.
Morocco has seen growing interest from international oil and natural gas companies. U.S. company Plains Exploration and Production, Gulfsands Petroleum, based in London, and Turkish company Genel Energy and Cairn Energy have all made similar moves on the emerging Moroccan market.
The CIA World Factbook estimates that, as of January 2012, Morocco had proven oil reserves of around 680,000 barrels, 99th in the world. Natural gas estimates from 2012 were at 49 billion cubic feet, 98th in the world.
Source : https://www.marocafrik.com/english/Chevron-Signs-P...