Genel Energy to Acquire 75% Stake in Morocco’s Offshore Lagzira Project

Genel Energy plans to sign a convention and an association agreement with the National Office of Hydrocarbons and Mines (ONHYM) to acquire 75% of ONHYM’s stake in the Lagzira offshore development project, located off Sidi Ifni, reports Offhshore.mag.

"In early 2020, ONHYM agreed to extend the license period to allow Genel Energy to complete the processing and interpretation of a newly acquired multi-azimuth broadband 3D seismic survey, before a drilling decision," it is recalled. Discussions between the two parties are still ongoing with a view to a possible lease.

Oil had been discovered in 2014 by Genel Energy at 3,000 meters below the sea off the Atlantic coast of Morocco, in a well called "Sidi Moussa 1".