ENI unit wins license in Morocco
02-11-06 Italian oil company ENI signed a deal with Morocco to explore for hydrocarbons off the kingdom's Atlantic coast, it was reported.
ENI Morocco will carry out geological and geophysical studies in an area known as Doukkala-Abda, covering 9,813 sq km between the coastal towns of El Jadida and Safi, Morocco's energy office was quoted as saying.
Unlike energy-rich neighbour Algeria, Morocco has had little success finding commercially viable oil and gas deposits and its trade balance has suffered as it spends more on imports to meet growing demand.
The government has drawn more than 20 foreign companies to explore for oil and gas under 70 search permits but says the kingdom is still under-explored, with a drilling density rate among the lowest in the world.
Source: OGJ