Petroleum Africa
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Thursday, March 19, 2015
Morocco and the UAE have cemented their relationship further with the signing of an agreement between the UAE’s Mubadala Petroleum and Morocco’s ONHYM. The agreement has Mubadala carrying out an evaluation of the hydrocarbon potential of a large area offshore Morocco’s Mediterranean coast.
The agreement provides Mubadala with an exclusive reconnaissance license to carry out detailed geological evaluation of the hydrocarbon potential of an area designated as Mediterranee Ouest. This is an area that covers 3,433 sq km offshore Morocco. Mubadala Petroleum will provide ONHYM with the results of its evaluation on completion.
Commenting on the agreement, Musabbeh Al Kaabi, Chief Executive Officer, said, “We are pleased to be able to build on the strong relationship between the UAE and Morocco in this tangible way. We very much hope this agreement will pave the way for further co-operation with ONHYM both on the more detailed exploration of the Mediterranee Ouest area and in other projects.”
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