Marrakech: A new worldwide oil and gas exploration corporation has joined the search for hydrocarbons in Morocco.
The oil and gas production and exploration company Maxim based in Vancouver, Canada has stated on its website that Maxim and its partner Office National des Hydrocarbures et des Mines (ONHYM) have applied to the Ministry of Energy, Mines, Water and Environment for a reconnaissance concession authorization to complete the research on the Hassi Berkane Block which is situated onshore in the northeast region of Morocco. It extends over 5,116 km2 with extensive 2-D seismic statistics.
The exploration is part of the agreement signed with ONHYM as formerly stated on June 23, 2014.
The exploration work will comprise geological, geochemical and geophysical studies and a geotechnical review of already existing information. The work will be finished within about 4 months. Maxim will evaluate the results and decide on the next step in concurrence with ONHYM.
If the review of the information is positive, ONHYM and Maxim will have the right to attain an exploration permit from the Ministry of Energy for all or some of the Hassi Berkane dispensation. The exploration concession authorization given by the Ministry can be expanded for a number of one year times as necessary.
According to the Minister of Energy and Mines Mr Abdelkader Amara, Morocco will see up to 30 new wells drilled in 2014. International Oil Companies (IOCs) connected in exploration in Morocco include numerous major corporations such as Fastnet Gulfsands Petroleum, Chevron, Anadarko, Kosmos, BP, Total, Genel Energy, Repsol and Tangiers Petroleum among others.
The IOC’s have spent in exploration in Morocco because of its constant environment and favorable revenue contracts combined with optimistic indicators of essential hydrocarbon features.
Morocco gives IOC’s a significant diversification of their portfolios of exploration projects which gives confidence shareholders looking for oil and gas exploration investment prospects.