Chevron to Explore for Oil off Morocco

One week after announcing plans to begin exploration for natural gas off the coast of China, Chevron (NYSE: CVX  ) has just floated another promising idea for offshore drilling: Morocco.

On Tuesday, Chevron announced that its Chevron Morocco Exploration subsidiary has signed agreements with Morocco's Office National Des Hydrocarbures Et Des Mines to explore three offshore areas for hydrocarbon deposits. The agreements give Chevron a 75% working interest in the areas, which are named Cap Rhir Deep, Cap Cantin Deep, and Cap Walidia Deep, and comprise approximately 11,300 square miles in surface area, located between 60 and 120 miles off the Moroccan coast, to the west and northwest of Agadir. Average water depths in the areas range from 330 to 14,700 feet.

Pursuant to the agreements, Chevron said it will acquire seismic data and conduct studies in all three areas, generating "further knowledge about promising geology in an emerging area."


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2208271, ~/Articles/ArticleHandler.aspx, 9/28/2016 6:27:03 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated Moments ago Sponsored by:
DOW 18,339.24 110.94 0.61%
S&P 500 2,171.37 11.44 0.53%
NASD 5,318.55 12.84 0.24%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

9/28/2016 4:01 PM
CVX $102.15 Up +3.17 +3.20%
Chevron CAPS Rating: ****