real-time news and commentary for investors
Friday, Oct 18
Oil firms step up exploration offshore Morocco
- No longer the energy-poor neighbor of OPEC members Algeria and Libya, Morocco is gaining attention from oil companies attracted by its stability relative to other parts of North Africa and encouraged by advances in geology and technology that indicate its potential for reserves offshore.
- Independent explorers have snapped up rights to explore offshore blocks over the past 18 months, and they're now making way for big players.
- BP announced a deal with Kosmos Energy this week to take a share in three offshore blocks, and Cairn Energy (CRNCY.PK) plans to begin drilling soon off the Moroccan coast; they follow Chevron (CVX), which said in January it had taken up three offshore blocks.