Genel Expands its Offshore Morocco Portfolio
by Jon Mainwaring
|Wednesday, November 21, 2012
Genel Energy announced Wednesday that it has added to its assets offshore Morocco through the acquisition of a 75-percent interest in the Mir Left Offshore Block.
Under the terms of the agreement with the Office National des Hydrocarbures et de Mines, which will hold the remaining 25-percent stake in the license, Genel as operator is obliged to acquire a minimum of 150 square miles of 3D seismic data and drill one exploration well during the initial three-year exploration period.
The Mir Left block lies next to the Sidi Moussa Offshore Block in which Genel acquired a 60-percent interest in August this year. Genel is just one of a number of companies that have stepped up their interest in offshore Morocco this year.
"We are delighted to have signed this new block, further deepening our position in the fairway associated with the proven working petroleum system in offshore Morocco. We intend to commence the acquisition of 3D seismic in January 2013, with the aim of drilling our first well in 2014," Genel Chief Operating Officer Dr. John Hurst commented in a company statement Wednesday.
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