Woodside Petroleum Ltd. has finalized a farm-in agreement with independent firm Chariot Oil & Gas Ltd. for a position in the Doukkala basin offshore northwest Morocco.
Woodside will take up an initial 25% participating interest in six permits in the Rabat Deep region plus an option to move to 50% and operatorship for a capped well carry obligation.
The six permits are all undrilled and cover a total area of 10,782 sq km. Water depths vary at 150-3,600 m.
Geologically the permits lie on the Atlantic margin and geographically they are close to Woodside’s existing interests in the Canary Islands.
Woodside says the farmin is in line with the company’s strategy to secure international growth opportunities in frontier and emerging basins characterised by materiality and quality.
Chariot is a company incorporated in Guernsey, Channel Islands, with the aim of exploring opportunities around the Atlantic margins. It also has acreage offshore Mauritania, Namibia, and Brazil.