Persisting the urge for more energy range, Morocco signed a deal with an Abu Dhabi company to discover offshore oil and gas potential in the Mediterranean.
Information revealed that Morocco’s Office National des Hydrocarbures et des Mines (ONHYM) finished an agreement with UAE’s Mubadala Petroleum Company, a subsidiary of Abu Dhabi’s state-owned Mubadala Development Company, to engage in possible exploration and production efforts off the country’s northern coast.
The agreement continues Morocco’s multi-year urge towards widening their energy base. The North African country currently depends on costly imports for virtually all of its oil and gas needs. Over the last five years, Morocco has initiated a series of new energy development projects, with both traditional hydrocarbon development and renewables, which Rabat hopes will someday provide a much larger share of the country’s energy mix.
It was also stated that the country hopes to provide 42% of its energy needs with renewable energy options by that year, with the remaining coming from less imports and an escalating domestic production sector.
In 2014, it was conveyed that after humble interest for much of the last ten years, a number of larger oil and gas companies have arrived in Morocco in pursuit of the nation’s primarily offshore potential.
Nevertheless, this recent conformity varies from earlier efforts as it focuses on the country’s Mediterranean, not Atlantic coastline.
Report also revealed that the deal grants the Emirati firm an exclusive reconnaissance license to do a detailed geological survey of the hydrocarbon potential of an area comprising 3,433 square-kilometers off Morocco’s Mediterranean coast.
Morocco has also lately explored the opportunity of further LNG projects, opening the nation to more affordable energy imports.