The Qatari state oil company, Qatar Petroleum, has reached a deal with Chevron to acquire 30% of its stake in offshore drilling areas in Morocco. Chevron will hold onto a 45% interest in the offshore leases, while Morocco will retain a 25% stake. Qatar Petroleum says the Moroccan government has approved the deal, financial terms were not disclosed, FuelFix reported. The drilling areas are known as Cap Rhir Deep, Cap Cantin Deep, and Cap Walidia Deep. They are located 100 km to 200 km west and northwest of the city of Agadir.
Meanwhile, Irish oil company Circle Oil operating in Morocco has signed a Memorandum of Understanding with a bathroom fittings manufacturer, SBS Porcher, to supply the company’s factory in the central Kenitra area with the gas discovered during the successful 2014/15 Sebou drilling campaign. According to the company, all parties expect to sign binding documents in the coming months. As part of this arrangement, a new pipeline extension will be constructed linking the existing Circle-owned pipeline in the northern Kenitra region to the Porcher factory in the central Kenitra area, the Sunday Business Post reported.