Mubadala arm signs study deal with Morocco

02 April 2015

UAE subsidiary company will evaluate offshore hydrocarbon potential

UAE-based Mubadala Petroleum, a subsidiary of the state-owned Mubadala Development Company, has signed a deal with Morocco’s Office National des Hydrocarbures et des Mines (ONHYM), agreeing to evaluate offshore hydrocarbon potential in the Mediterranean Sea.

The agreement provides Mubadala Petroleum with an exclusive licence to carry out geological evaluation of the hydrocarbon potential of an area designated as Mediterranee Ouest.

Mediterranee Ouest covers 3,433 square kilometres.

Mubadala Petroleum will provide ONHYM with the results of its evaluation on completion.

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