Israeli Firm NewMed Energy to Explore Offshore Gas in Southern Morocco

The document signed with the Ministry of Energy and Mines and the Moroccan company Adarco concerns a gas field covering an area of 33,812 km², Reuters reports, specifying that the total exploitation period will be eight years.

In detail, NewMed Energy and Adarco Energy will each hold 37.5% of the Boujdour Atlantic offshore permit, with the National Office of Hydrocarbons and Mines (ONHYM) retaining the remaining 25%, the same source points out.

However, it is pointed out, the effective implementation of the convention is subject to the approval of the Moroccan ministries of Energy and Finance, as well as the general meeting of NewMed Energy.

"For a long time, we have recognized enormous potential in Morocco for collaborations in the natural gas and renewable energy sectors," said NewMed CEO Yossi Abu. The actual exploration of the site is planned after about two and a half years, the agency specifies.