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Friday 9 December 2022 - 21:15

“Israeli” Oil Company Expanding in Morocco to Control Natural Gas Production

Story Code : 1029377
“Israeli” Oil Company Expanding in Morocco to Control Natural Gas Production
According to media reports, NewMed Energy signed agreements with ADARCO company and the National Office of Hydrocarbons and Mines [ONHYM] in Morocco to obtain a license to explore and produce natural gas or oil through the Boujdour Atlantic exploration license, located off the Moroccan coast in the Atlantic Ocean.

Regarding these agreements, NEOMED Energy will own 37.5% of the exploration license rights, Adarco will own an additional 37.5% and the remaining 25% will be allocated to the Moroccan ONHYM, subject to local law.

At the investor conference held in February 2022, the “Israeli” company revealed that it is in an advanced process to obtain exploration licenses in Morocco and that it has identified Morocco as a target country with huge potential, both geologically and commercially.

The Boujdour Atlantic License is located in the southern economic waters of Morocco and is granted for a period of 8 years.

Based on the work plan, and after 30 months from the date of granting the license, a geological and geophysical analysis will be conducted. The first exploratory drilling will take place after about two and a half years.

The agreements require obtaining the approval of ONHYM and Morocco’s Ministry of Finance, as well as the approval of the general assembly of NewMed Energy.
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