Morocco's ONHYM and Malaysia's Petronas sign exploration contract
Morocco-Malaysia, Business, 1/20/2004

Morocco's "Office National des Hydrocarbures et des Mines" (ONHYM) and Malaysia's Oil Company "Petronas " signed, Monday, an agreement for deepwater exploration offshore Rabat-Sale Hauter Mer area.

Under the agreement, Petronas Carigali, the oil and gas exploration and production arm of Malaysia's state-owned Petronas (PET.YY), is to acquire and process 2,000 kilometers of new 2D seismic data, and drill one exploration well within the first three years.

In the subsequent two and three-year periods, Petronas Carigali will acquire and process 1,000 km of new seismic data, and drill one exploration well for each time period.

The Rabat-Sale Haute Mer block, which is located at a depth of 1,000 to 4,000 meters, covers an area of 14,000 square kilometers.

Petronas Cargali is a 75% equity holder and operator of the block, while ONHYM holds the remaining 25% stake.

The agreement was signed by ONHYM Director General Mrs. Amina Benkhadra, and "Petronas" president M. Tan Sri Dato Mohd Hassan Bin Marican, in the presence of Energy and Mines Minister, Mohamed Boutaleb.

The minister said Morocco has chosen Petronas, "a renowned international company" as a partner "for its expertise and its seriousness."

ONHYM Director General said "the swift intervention of Petronas in Morocco in less than two years shows this company's interest" in the country.

She wished that this agreement would be the prelude to "a long and fruitful cooperation" between the two parties.

Petronas is already operating in Tiznit (South Morocco) through its subsidiary company "Energy Africa."

On his part, Petronas president said "this alliance will facilitate the transfer and exchange of knowledge and technology between the partners, which will in turn help enhance and upgrade skills and expertise." More importantly, he went on, "it will also contribute towards strengthening relations between Morocco and Malaysia and bringing economic and social benefits to both nations."

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