The company said on Wednesday it had signed a petroleum agreement and associated contract with Morocco’s Office National des Hydrocarbures et de Mines (ONHYM) for the Mir Left Offshore Block, which lies next to the Sidi Moussa Block where Genel acquired a 60% stake in August. The ONHYM will hold the remaining 25% interest in the acreage.
Under the agreement, the company will be required to acquire a minimum of 400 square kilometres of 3D seismic data and drill one exploration well during an initial three-year exploration period.
