Morocco signs oil exploration agreement with Danish Maersk Oil

Morocco's state-owned hydrocarbons and mining office (ONHYM) signed this Monday with Danish "Maersk Oil" an agreement granting the Danish company eight exploration licences off the Moroccan southern Atlantic shores of Tarfaya for eight years.

The agreement provides for the acquisition of 2-D and 3-D seismic data and the carrying out of geologic studies to evaluate hydrocarbons potential in an area of 15,000 square kilometres.

The "Tarfay Shallow" licences are part of the Moroccan office's strategy to encourage international oil companies to invest in the Kingdom's oil.

This is the first deal concluded with a Danish enterprise since 1985.