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The business relations between Morocco and Israel are set to grow with the signing of an agreement between Israel’s NewMed Energy and Morocco’s National Office of Hydrocarbons and Mines (ONHYM) and Adarco Energy for the exploration and production of offshore gas and oil in the Southern Moroccan city of Boujdour
The business relations between Morocco and Israel are set to grow with the signing of an agreement between Israel’s NewMed Energy and Morocco’s National Office of Hydrocarbons and Mines (ONHYM) and Adarco Energy for the exploration and production of offshore gas and oil in the Southern Moroccan city of Boujdour.
NewMed Energy said that the agreements are part of the performance of natural gas and or oil exploration and production activities in the Boujdour Atlantique exploration license, which is located off the coast of Morocco in the Atlantic Ocean.
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NewMed Energy and Adarco Energy will hold 37.5% of the interests in the license, while ONHYM will have the remaining 25%. This is in accordance with standard regulations in Morocco. The contracting parties, three in number, will have the right to explore hydrocarbons in the area of the Boujdour Atlantique License for a period of eight years, which may be extended in the event of hydrocarbon discovery.
