Australian Oil and Gas company , Longreach, has raised 9.8 million Canadian dollars (72.33 million dhs) for its oil exploration and onshore drilling project in Kamar 1, situated at Sidi Mokhtar, near Essaouira.
The Drilling began on March 21 and is said to last for 70 days for a target depth of 3,500 meters. Longreach and MPE ONHYM (National Office of Hydrocarbons and Mines) shared the license equally, both holding 50%.
Sidi Mokhtar’s total land area is around 2,683 square kilometers. Aside from Kamar 1, Longreach is also currently drilling another well in Koba 1, located in the same area as Kamar 1.
The gross potential resources which can be found in Kamar 1 were estimated 5,000,000 barrels of oil at 78 billion cubic feet of gas. While in Koba, the company had evaluated the potential of 349 billion cubic feet of gas and 21 million barrels of oil.
Longreach has five licenses in Morocco which compromise of 7 blocks offshore and 21 onshore, for a total area of 52,706 square kilometers. Since its creation in 2006, the company focuses its reserves in the country.
Furthermore, another Energy service provider, Kosmos Energy, has also started drilling at the Foum Assaka, offshore Agadir.
According to the CEO of Kosmos, the joint venture between Kosmos and Morocco is a promising future. They will maximize and expand their activities in Morocco, adding in the training of technicians for the exploration and exploitation of oil. The exploration for the development of hydrocarbon resources has an advantage on the national and regional socio-economic standing.
The companies Deepwater Morocco, Kosmos Energy, and Kosmos Energy Offshore Morocco, all auxiliaries of Kosmos Energy, are co-owners with ONHYM for four areas of interest framed by oil deals. The four areas are the Foum Assaka’s offshore, offshore of Cape Boujdour, Essaouira and offshore, and lastly, the offshore Tarhazoute.
According to ONHYM, as of moment they have 31 partnership agreements with global groups. The valuation of this oil and gas investment is estimated at 3.3 billion dirhams for the single year 2013 with the drilling of 11 wells, of which 3 are already underway.