The Israeli oil and gas exploration company Ratio Petroleum Partnership obtained for Ratio Gibraltar, at the end of September, the exclusive exploration and study rights of the Atlantic block of Dakhla with a surface area of approximately 109,000 square kilometers.
The exclusive rights granted by the Moroccan Ministry of Energy, Mines and Environment concern the exploration of waters, 3km deep, in order to determine the possible presence of hydrocarbons or gas. The agreement includes the possibility of subsequently entering into a research and production agreement in accordance with the results of the company’s study.
The agreement sets out the conditions, if any, under which Ratio could obtain licenses to exploit and produce petroleum. In accordance with Moroccan law, the State would receive a royalty of 7% if the oil is discovered more than 200m under water with a production of more than 500,000 tonnes, and for natural gas, 3.5% for a production of more than 500,000 cubic meters.