Dry Holes Test Explorers' Faith In Morocco

摘要

A string of dry holes is testing explorers' faith in the potential of Morocco's offshore. The geology of the country's deepwater should be prospective, a view endorsed last year by the arrival of majors such as BP and Chevron. Firms are trying to remain optimistic that under-explored offshore acreage will yield results, but Morocco badly needs a commercial find to sustain investor enthusiasm. US independent Kosmos Energy has been the latest firm to plug and abandon an exploration well, with the FA-1 well in the Agadir Basin encountering oil and gas shows, but not in commercial quantities. All eyes had been on Kosmos following two recent dusters - FD-1 and JM-1 - drilled by UK rival Cairn Energy, but attention will now turn to Portugal's Galp Energia, which will drill the TAO-1 well in June on its Tarfaya permit. Despite these disappointments, geologists speaking at a conference in Marrakech earlier this month emphasized the correlation between Morocco and other deepwater Atlantic Basin plays such as Angola, the Brazilian presalt and even Nova Scotia. They also made the point that Morocco may simply need more time - some 207 wells have been drilled of TNova Scotia, one speaker noted, but only 37 offshore Morocco since 1968. Kosmos itself is planning at least four more wells (PIW Jan.21' 13).