Australian exploration and production company Woodside Petroleum has finalised an agreement with Chariot Oil and Gas to farm-in to the Doukkala Basin off the coast of north western Morocco.
Under the agreement, Woodside will acquire a 25 per cent stake in Chariots Rabat Deep Offshore permits I-IV.
The deal includes an option to acquire an additional 25 per cent at a later stage.
The area covered by the permits is yet to be drilled and stands at 10,782 square kilometres with water levels that range from 150 to 3,600 metres.
Speaking about the deal, Woodside CEO Peter Coleman said it provided an opportunity to secure a large acreage footprint in an emerging petroleum province that is prospective for both oil and gas.
Exploration in this basin aligns with our strategy to secure new international growth opportunities in frontier and emerging basins characterised by materiality and quality, he said.
Woodside already has acreage in the nearby Canary Islands.