Chevron grabs 75% stake in 3 deepwater areas
Click to view larger mapChevron subsidiary, Chevron Morocco Exploration Ltd, has signed petroleum agreements with Morocco's Office National Des Hydrocarbures Et Des Mines for three offshore areas, the company announced on 22 January 2013.
"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 Corp.
Once awarded, Chevron will acquire seismic data and conduct studies in deepwater areas known as Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep located between 60 and 120 miles (100 to 200 km) west and northwest of Agadir, Morocco. The areas encompass approximately 11,300 square miles (29,200 square km) with average water depths ranging from between 330 ft to 14,700 ft (100 to 4500 m).
Ali Moshiri, president, Chevron Africa and Latin America Exploration and Production Company, said, "This is an opportunity for Chevron 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% working interest in the three areas, with the Office National Des Hydrocarbures Et Des Mines holding the remaining 25%.
