Woodside has entered into a contract for an exclusive reconnaissance license with the Office National des Hydrocarbures et des Mines, the national oil company of the Kingdom of Morocco, to explore a block offshore Morocco, according to a press release.
The block, known as the Rabat Ultra Deep Offshore area, comprises a total of 36,737 sq km (14,184 sq miles) with depths ranging from 1700 m to 4400 m (5,577 ft to 14,436 ft).
The block is located just west of the Rabat Deep Offshore I-VI permits, in which Woodside has acquired, subject to Ministerial approval, a 25% interest.
Commitments under the reconnaissance license work program include a 2-D seismic survey and studies. The license duration is for 12 months. The grant of the license is subject to Ministerial approval.
Recommended Reading
ProPetro Ups Share Repurchases by $100MM
2024-04-25 - ProPetro Holding Corp. is increasing its share repurchase program to a total of $200 million of common shares.
Baker Hughes Hikes Quarterly Dividend
2024-04-25 - Baker Hughes Co. increased its quarterly dividend by 11% year-over-year.
Weatherford M&A Efforts Focused on Integration, Not Scale
2024-04-25 - Services company Weatherford International executives are focused on making deals that, regardless of size or scale, can be integrated into the business, President and CEO Girish Saligram said.
Range Resources Holds Production Steady in 1Q 2024
2024-04-24 - NGLs are providing a boost for Range Resources as the company waits for natural gas demand to rebound.
Hess Midstream Increases Class A Distribution
2024-04-24 - Hess Midstream has increased its quarterly distribution per Class A share by approximately 45% since the first quarter of 2021.