Woodside signs on for exploration offshore Morocco
PERTH (miningweekly.com) – Australian oil and gas major Woodside has agreed to a farm-in with Chariot Oil & Gas over the Doukkala basin, offshore Morocco.
CEO Peter Coleman said on Friday that the farm-in provided an opportunity to secure a large acreage footprint in an emerging petroleum province that was prospective for both oil and gas.
“Exploration in this basin aligns with our strategy to secure new international growth opportunities in frontier and emerging basins characterised by materiality and quality.”
Under the terms of the agreement, Woodside would acquire an initial 25% participating interest in the Rebat Deep offshore permits, with the option to acquire an additional 25% shareholding and operatorship in these permits for a capped well carry obligation.
The undrilled permits covered some 10 782 km2 and were in water depths ranging from 150 m to 3 600 m.
Coleman said that the opportunity to farm-in had been supported by Woodside’s disciplined approach to studying regional petroleum systems, including the Atlantic margins, and was a good fit with the company’s core capabilities in deep-water exploration and production.
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