Israel-based oil and gas exploration and production company NewMed (ex-Delek Drilling) said Tuesday it had signed agreements to explore for hydrocarbons offshore Morocco.
NewMed and Adarco signed agreements for oil and gas exploration and production activities in the Boujdour Atlantique exploration license in the Atlantic Ocean, of Morocco, with the National Office of Hydrocarbons and Mines of Morocco.
NewMed, which will serve as the operator, and Adarco will each own 37.5% of the interests in the offshore block, with the remaining 25% granted to ONHYM.
The partners will have the right to search for oil and gas hydrocarbons in the area over an eight-year period, subject to compliance with a work plan, that may be extended in the event of discovery.
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