An American oil group makes Morocco one of its four major global bets

Morocco is among the four “priority exploration areas” presented by Murphy Oil in a document filed on September 8 with the U.S. Securities and Exchange Commission. The presentation was used the following day by its chief executive, Eric Hambly, during a conference organized in New York by Barclays.

The American oil company’s strategic map places the kingdom alongside three areas where Murphy is already conducting major operations: the Gulf of Mexico, Côte d’Ivoire and Vietnam. Morocco does not yet represent a producing asset, but is among the small number of territories selected to supply the group’s future discoveries.

On Bladi.net : Energy crisis: why Morocco is the 4th most threatened country in the world

This position did not appear for the first time in September. It had already featured in the quarterly presentation published by Murphy Oil in May. The new document nevertheless confirms that Morocco remains among the group’s priorities following the update to its investment program and its latest exploration results in Côte d’Ivoire.

An offshore permit covering more than 1.6 million hectares

Murphy Oil’s interest concerns the Gharb Deep Offshore block, located in the deep waters off Morocco’s Atlantic coast. The permit covers more than four million acres, or approximately 1.6 million hectares. The American group holds a 75% interest and operates the block, with the remaining 25% held by the National Office of Hydrocarbons and Mines.

When it entered Morocco, announced in January, Murphy Oil presented Gharb as a still largely unexplored basin, offering attractive entry conditions and contractual terms. The group intends to apply its experience from offshore campaigns conducted in the Gulf of Mexico, West Africa and Asia.

On Bladi.net : All of Morocco’s gas still passes through Spain, but volumes fall sharply at the end of August

The agreement concluded with ONHYM opens an initial three-year exploration phase. This phase includes no firm drilling commitment, but should allow the oil company to assess the block’s potential and select possible targets.

The September presentation does not yet set a drilling date or a budget specifically for the Moroccan permit. It does, however, confirm the place given to the kingdom in Murphy Oil’s international portfolio: among all its operations, only four areas are currently designated as its exploration priorities.