The Israeli company NewMed Energy announced the signing of a memorandum of understanding for the exploration and production of offshore natural gas located off Boujdour, on the South Atlantic coast.
The document signed with the Ministry of Energy and Mines and the Moroccan company Adarco concerns a gas field extended over an area of 33,812 km², specifying that the total duration of exploitation will be eight years.
In detail, NewMed Energy and Adarco Energy will each hold 37.5% of the Boujdour Atlantique offshore permit, with the National Office of Hydrocarbons and Mines (ONHYM) retaining the remaining 25%.
However, it should be pointed out, the effective implementation of the agreement is subject to the approval of the Moroccan Ministries of Energy and Ministry of Finance, as well as that of the General Assembly of NewMed Energy.
“We have long recognized enormous potential in Morocco for collaborations in the natural gas and renewable energy sectors,” said NewMed CEO Yossi Abu. The actual exploration of the site is planned after about two and a half years.