Morocco signs agreement with British company for oil exploration

The Moroccan Office for Oil Investment and Researche (MOOIR) signed an agreement with a British company, through which the latter will carry out exploration works near the southern coast within offshore areas of 12,400 square kilometers.

Sources in the MOOIR stated that the British company will carry out field research within the coming 12 months while it studies the articles of the agreement in order to carry out an extensive program for oil exploration on the southern coast of the Atlantic ocean.

The sources added that negotiations with the British company are not the only ones with a foreign company, as the MOOIR is about to start negotiations with some other foreign companies for oil exploration in Morocco. The MOOIR declined to specify those foreign companies.