Genel Energy has signed a petroleum agreement and association contract for the Mir Left offshore block in Morocco with the Office National des Hydrocarbures et de Mines (ONHYM)
Genel has been granted a 75 per cent equity interest and operatorship of the block, with the remaining 25 per cent being held by the ONHYM.
John Hurst, COO of Africa for Genel, said, “We are delighted to have signed this new block, further deepening our position in the fairway associated with the proven working petroleum system in offshore Morocco. We intend to commence the acquisition of 3D seismic in January 2013, with the aim of drilling our first well in 2014.”
Under the terms of the agreement, Genel is obliged to acquire a minimum of 400 sq km of 3D seismic data and to drill one exploration well during the three-year initial exploration period. The company, which will be funding the project, will have the option to extend the exploration period by two or three years.
The Mir Left block comprises an area of 3,259 sq km, with water depth ranging from 60 to 320 metres. It lies adjacent to, and to the north-east of, the Sidi Moussa offshore block in which Genel recently acquired a 60 per cent equity interest.
