Signature of a Petroleum Agreement between
ONAREP and
REPSOL Exploration S.A.
Friday September 26,2003.
Mrs AMINA BENKHADRA, the General
Director of ONAREP and Mr. BARTOLOMEO MARIO ROSSO Exploration and Petroleum
Manager of REPSOL YPF SA, signed a Petroleum Agreement in the presence off HE
MOHAMED BOUTALEB Ministry of Energy and Mines and Mr. MIGUEL ANGEL REMON GIL,
Executive Vice President E&P of REPSOL YPF. SA. and HE FERNANDO ARIAS SALGADO Y MONTALVO the Ambassador of
The Petroleum Agreement concerns 3
exploration permits offshore Tanger-Larache Atlantic segment covering an exploration
area of 6000 Sq km (1.5 million acres).
The Petroleum Agreement extends for a
total period of 8 years subdivided into 3 sub-periods; the first of which is of
3 years where geophysics acquisition and geologic work for hydrocarbon
potential evaluation will take place.
The signature of this Agreement is
reinforcing the existing 11 Petroleum Agreement and 4 Reconnaissance Contracts
both onshore and offshore, between Morocco and various International Oil and
Gas Companies.
It is in the Framework of its strategy
developed according to the High Directives of His Majesty the King Mohamed VI,
God assist Him, which aims at encouraging investments, that ONAREP, by its
promotion policy throughout a sustainable participation to various
international oil and gas conferences and exhibitions, has succeeded in
inciting and encouraging the oil industry to highlight the Moroccan Hydrocarbon
Potential.