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Genel Energy found oil offshore Morocco

Staff writer |
Genel Energy and its partners Serica Energy and San Leon said they had drilled almost 3,000 metres below the sea off Morocco North Africa and came across fields of oil.

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“We are at a very early stage and the presence of hydrocarbons in this frontier block will require further evaluation,” Reuters quoted Tony Craven Walker, CEO of Serica, as having said. Serica has a five percent shareholding in the block while Genel Energy has 60 percent stake.

According to Reuters, Genel Energy, which runs the well and enjoys a 60 percent interest, said it was very premature to comment on whether the oil find was effective.

Morocco has set off gas drilling in its waters by granting dozens of licences to oil companies interested in drilling in the area. This would give these energy companies a chance to exploit oil resources offshore Morocco.

“While these initial results are encouraging …much uncertainty still exists on the commercialisation of the discovery both in respect of size of the discovery and ability to flow well at commercial rates,” Reuters quoted analysts at FirstEnergy as having said.

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