US company Plains Exploration and Production has become the latest independent to farm in to Morocco, following at least 10 similar deals during 2012.
Plains on 3 January agreed to pay Australian independent Pura Vida $15mn for 52% of the Magazan deepwater permit offshore southern Morocco and to take over as operator. This reduces the Australian company’s share to 23%; Moroccan state firm ONHYM retains 25%. The deal is subject to Moroccan governmental approvals. (CONTINUED - 271 WORDS)