ASHLAND AND SANTA FE WIN BIG OFFSHORE MOROCCO TRACT
Dec. 16, 1991
A unit of Ashland Oil Inc. has agreed in principle with Morocco's state oil company Onarep to explore for oil off Morocco. Ashland Exploration Inc., Houston, will serve as operator and hold a 50% interest in the 1.3 million acre concession off Agadir, Morocco. Santa Fe Energy Resources, Houston, will hold the remaining 50% interest. Ashland expects to sign a final agreement in January. Then it will conduct seismic surveys expected to last into 1993. A wildcat would not be likely to spud
A unit of Ashland Oil Inc. has agreed in principle with Morocco's state oil company Onarep to explore for oil off Morocco.
Ashland Exploration Inc., Houston, will serve as operator and hold a 50% interest in the 1.3 million acre concession off Agadir, Morocco.
Santa Fe Energy Resources, Houston, will hold the remaining 50% interest.
Ashland expects to sign a final agreement in January. Then it will conduct seismic surveys expected to last into 1993. A wildcat would not be likely to spud before late 1993 or early 1994.
The combine identified the prospect while participating in a joint Northwest Africa study group.
Copyright 1991 Oil & Gas Journal. All Rights Reserved.
