China National Offshore Oil Corporation has signed a deal with Morocco
China National Offshore Oil Corporation (CNOOC) has signed a deal with Morocco (West Africa) in late April on taking part in local offshore oil and gas exploration.
The other party of the deal is Morocco's Oil and Gas Mine Development Office. Under the agreement, CNOOC will take shares in the existing local operating company as a way of participating in exploration in the offshore area of the country.
According to the Chinese Embassy, this is the first time that CNOOC has been involved in offshore oil and gas development in Africa.
Only 400 barrels of oil was produced in Morocco daily in 2001. However, much progress has been made in oil prospecting in the country in recent years, supporting speculation that major oil and gas reserves may be buried on land and in offshore and deep sea areas of the country.