In a significant development in the energy sector, Genel Energy has inked a petroleum agreement and association contract with Morocco’s National Office of Hydrocarbons and Mines (ONHYM) to embark on exploration activities in the offshore Lagzira Block. This strategic move underscores Genel Energy’s commitment to expanding its footprint in the Moroccan energy landscape.

Holding a 75% stake, Genel Energy will spearhead the exploration efforts in a three-phase project stretched over an eight-year timeline. The company is actively seeking a farm-in partner to bolster its exploration capabilities and resources in this venture.

Previous exploratory efforts by Genel Energy have been promising. Drilling activities in 2014 confirmed the presence of a viable petroleum system, and further 3D seismic data collected in 2018 have unveiled new prospects. The analysis has identified over 18 leads, with the block’s potential oil reserves estimated to be a substantial 2.5 billion barrels.

This exploration deal not only enhances Genel Energy’s portfolio but also represents a pivotal moment for Morocco’s aspirations to boost its hydrocarbon sector. The successful exploration and potential future development of the Lagzira Block could significantly alter the energy dynamics in the region.

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