American Murphy Oil Corporation will carry out exploration drilling in Morocco’s Gharb Deep Offshore water bloc under an agreement signed lately with the National Office of Hydrocarbons and Mines (ONHYM).
“We are excited about our entry into Morocco, which offers exposure to exploration in a frontier basin with attractive entry costs and competitive terms. This entry is consistent with our strategy of developing a diverse exploration portfolio,” Murphy chief executive Hambly wrote in a letter to shareholders.
Murphy drills and produces oil and natural gas from several fields located in the U.S. Gulf of Mexico, Canada, Vietnam, Brazil and Côte d’Ivoire.
Despite its focus on renewable energy, Morocco continues to invest in upstream oil and gas. The country’s strategy consists of combining fossil and renewable energy sources to reduce imports and secure domestic supply.
Natural gas is viewed a strategic lever to support the Kingdom’s green transition while ensuring grid stability.
