Qatar Petroleum has obtained the licensing to prospect for oil and gas in Morocco’s southern costs, The Middle East North Africa Financial Network reported.
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, according to Morocco World News.
This extension follows an agreement signed between Qatar Petroleum and Chevron in February 2016 by virtue of which the Qatar company acquired a 30% stake in three deep-water exploration leases offshore the Moroccan coasts. The leases cover an area of approximately 29,200sq.km, located between 100-200km 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.
Furthermore, 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.