Offshore staff
HERZELIA, Israel — NewMed Energy, the company formed from the merger between Delek Drilling and Capricorn Energy, has signed agreements for the Boujdour Atlantique exploration license offshore Morocco with state-owned ONHYM.
Both NewMed (as operator) and Adarco will have 37.5% interests, with ONHYM holding the remaining 25%.
The agreement grants the right to explore for hydrocarbons during an initial eight-year term, subject to compliance with a work plan that may be extended in the event of discovery. NewMed and Adarco will also carry ONHYM for its share of exploration costs.
Ratification remains contingent on approval from the Minister of Energy Transition and Sustainable Development and the Minister of Finance of Morocco, and agreement on a budget for drilling the A-3 well in Block 12.
NewMed is also a partner to Chevron and Shell in Block 12 offshore southern Cyprus, where the consortium signed an amendment last month to the production sharing contract.
This allows them to extend the period for drilling and completing an obligation well until August 2023. Drilling looks set to start during the first half of the year.
12.07.2022
