One week after announcing plans to begin exploration for natural gas off the coast of China, Chevron (CVX 2.21%) 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."
