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Thursday, May 30, 2024

Energy: Morocco signs an exploration agreement with NewMed Energy

The Israeli company NewMed Energy announced on December 20 that it had signed an agreement with Morocco and Adarco Energy for offshore natural gas exploration and production licenses in the North African kingdom.

Under the terms of the agreements, NewMed Energy and Adarco will each hold a 37.5% interest in the Boujdour Atlantique exploration permit, located off the coast of Morocco in the Atlantic Ocean. The National Office of Hydrocarbons and Mines of Morocco (ONHYM) will hold the remaining 25%.

“We have long identified enormous potential in Morocco and today’s announcement is part of a broad strategic initiative that will make NewMed Energy the leading energy body in the Eastern Mediterranean and South Africa region. North,” NewMed CEO Yossi Abu said in the same Dec. 20 memo.

The 8-year exploration license at Boujdour Atlantique, located south of Morocco’s offshore economic zone, includes prospects for natural gas and oil discoveries. According to the work plan, within 30 months from the date of grant of the license, geological and geophysical analysis will be carried out in the area of interest, and initial exploration drilling should begin after approximately two and a half years.

As part of the US-backed Abraham Accords that opened diplomatic relations between the Jewish state and several Arab countries, Morocco normalized relations with Israel in December 2020. Speaking at the conference on the COP27 climate in Sharm el-Sheikh last month, Mr. Yossi Abu reiterated his interest in Morocco and Egypt as a “base for the production of green hydrogen”.

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