Natural Gas Exploration: Israeli energy company seals offshore deal with Morocco

Israeli NewMed Energy firm announced on Tuesday it has signed a deal with Morocco’s hydrocarbon authority and Adarco Energy for offshore natural gas exploration and production in the north African kingdom.

Under the terms of the agreements, NewMed and Adarco will each hold a 37.5 pc stake in the Boujdour Atlantique exploration license, located off the coast of Morocco in the Atlantic Ocean. Morocco’s National Office of Hydrocarbons and Mines (ONHYM ) will own the remaining 25%.

The 8-year license for exploration in the Boujdour Atlantique includes prospects for natural gas and oil discoveries.

The agreements must still be approved by Morocco’s ministry of energy transition and sustainable development and ministry of finance.

NewMed Energy is a leading company in the exploration, development, production and sale of natural gas and condensate.