Chevron Corporation has announced that its subsidiary, Chevron Morocco Exploration Ltd, has signed petroleum agreements with Moroccos Office National Des Hydrocarbures Et Des Mines for three offshore areas
"We look forward to participating in exploration activities in Morocco, which provides Chevron an opportunity to advance our growth strategy in frontier basins," said George Kirkland, vice chairman, Chevron Corporation.
Chevron will conduct studies in deepwater areas such as Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep located 100-200km west and northwest of Agadir.
The areas encompass approximately 29,200 sq km with average water depths ranging between 100-4,500 metres.
Ali Moshiri, president, Chevron Africa and Latin America exploration and production company, said, "This is an opportunity for us to expand its already strong presence in the region and allows us to acquire further knowledge about promising geology in an emerging area."
Chevron Morocco Exploration Ltd has a 75 per cent interest in the three areas, with the Office National Des Hydrocarbures Et Des Mines holding the remaining 25 per cent.
