BP signs farm-out deal for three offshore Moroccan blocks

offshore morocco-strocchi flickrBP has acquired a non-operating interest in the Essaouira, Assaka and Tarhazoute blocks. (Image source: Strocchi/Flickr)BP has entered into farm-out agreements with US-based Kosmos Energy for exploration in three oil and gas blocks offshore Morocco

Kosmos Energy said that the UK oil and gas firm has acquired a non-operating interest in the Essaouira, Assaka and Tarhazoute blocks in the Agadir Basin.

Brian Maxted, chief executive of Kosmos Energy, said that the drilling is expected to start in the first half of 2014.

Under the agreement, BP will fund the US firm’s share of the cost of one exploration well in each of the blocks and pay a disproportionate share of the cost in the event that a second well is drilled in any block.

Robert Wine, BP spokesperson, said, “It is over 25,000 square metres of new area for us. It fits with our exploration strategy of looking for significant opportunities in new basins.”

However, the agreement remains subject to Moroccan government approval, Kosmos Energy added.

The US-listed independent will have about a 30 per cent interest in each of the three blocks. BP will have a 45 per cent share in each of the Essaouira and Tarhazoute Blocks and a 26.3 per cent share in Assaka Block, Reuters reported.

 

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