LONDON — Genel Energy expects to sign a petroleum agreement and association contract with Morocco’s state-owned ONHYM concerning the offshore Lagzira Block.
The company operates the concession, formerly known as Sidi Moussa, with a 75% interest.
Early in 2020, ONHYM agreed to extend the license period to allow Genel to complete processing and interpretation of a newly acquired multi-azimuth broadband 3D seismic survey, ahead of a drilling decision.
Discussions continue concerning a potential farm-out.
Lagzira, in water depths of 200 m to 1,200 m, has a proven petroleum system, with Genel’s 2014 well recovering 26°API oil from Upper and Middle Jurassic reservoirs. The 3D survey that followed in 2018 identified new plays, with 18 prospects and leads.