Weekly MENA Newsletter will be delivered to your email in PDF format every Friday (52 Issues per Year).
With Morocco’s flagship deepwater drilling campaign showing only disappointing results so far, foreign operators are taking advantage of the current industry downturn and lower oil prices to assess the potential of their acreage in northwest Africa’s offshore, an area still considered a frontier hydrocarbon province.
Following inconclusive results this year at its Cap Boujdour block, US firm Kosmos and partner Cairn Energy are planning to perform more 3D seismic from 2016, pending the government’s approval and the signing of necessary contracts with service providers.
“Contractors are offering more favorable costs. We’re able to get quite large seismic surveys, at about a quarter of the costs we would get two years ago. So it is a good time,” Ian Watson, exploration manager for Cairn Energy in Morocco and Mauritania, tells MEES. (CONTINUED - 741 WORDS)