Gulfsands Petroleum announced that it acquired a third license for oil exploration this time in Moulay Boucha.
It has the 75% share of the license, and the rest was offered to the National Office of Hydrocarbons and Mines (ONHYM). An area of estimated 2,850 square kilometers was accredited to them in the northern region of which another project in South Gharb is located
This exploration program is said to cost about 3.5 million dhs. The company believes this privilege offers a significant potential for Moroccan oil industry.
In addition, the company keeps on searching by examining more than 5,700 square kilometers at their three designated areas in Moulay Bouchta, Fez, and South Gharb said by the CEO of Gulfsands.
At present, a portion of the area obtained has already been the subject of a 3D seismic survey of about 175 square kilometers. The completion will be marked by the 2D seismic data gathering and other parts of regional seismic data acquired early by the oil company.
The next two years will be allotted for the reprocessing and interpretation of 2D and 3D data along with the fulfillment of 2D seismic on a 500 square kilometers plot.
The companies will try to reopen an existing oil field included on the license.
The English company stated that the area is known to hold a large oil reserves. This is evidenced by the discovery and development of three oil fields in the past.
One of the three fields is located in the domain of Haricha. It produced a total of 4.2 billion cubic feet of gas and 2.8 million barrels of oil.