Shell Signs Contract to Prospecting Oil in Morocco

Morocco and the "Shell Prospecting Africa B.V" world company have recently signed a contract under which Shell gained exclusive rights to prospect for oil in a 500 km2-large maritime area, southern Morocco.

According to a statement of ONAREP, state-run office of oil prospecting and research, the contract, running for 12 months, authorizes Shell to conduct reconnaissance works, including the purchase and treatment of new seismic lines, treatment of geo-physical data and any other appropriate geo-physical, geological studies and remote-sensing.

The works are estimated to cost USD one million.

Last January, the two sides had signed a similar contract for oil prospecting in high-sea, following which it decided to bid for a second contract.

"Shell Prospecting Africa B.V" is an affiliate of the British-Dutch Royal Dutch Shell, presently the world's first oil group. It posted in 1996 a turnover of usd 135 billion. (map)sh