Oil drilling licenses signed

The Office national de Recherche et d'Exploitation Petrolieres (ONAREP) and a grouping of three firms (US, British and south African) concluded in Rabat Wednesday an accord on oil prospecting off-shore Sidi Ifni, in south-western Morocco.

The accord, dubbed Cap Draa high sea, deals with six licenses and prospecting will be operated over 12,000 km2 at a depth of 1000 to 2000 m.

Under the licenses valid for an 8-year period, the three firms, namely Entreprise Oil (British), Keer Mc Gee (US) and Energy Africa (South African) will conduct seismic studies and drillings.

Entreprise Oil which was detaining an exclusive reconnaissance license had already conducted works in the area and results are encouraging.

Morocco had recently signed similar accords with Shell, Lone Star, Vanco and Lasmo.

Morocco promulgated a new code of hydrocarbons last March.