Abu Dhabi's Mubadala Petroleum to explore big Morocco offshore area

DUBAI: Abu Dhabi's Mubadala Petroleum said on Wednesday that it had agreed with the Moroccan government to evaluate the hydrocarbon potential of a large area off Morocco's Mediterranean coast.

The company, a subsidiary of Abu Dhabi state-owned fund Mubadala Development Co, obtained an exclusive licence to carry out a detailed geological survey of the Mediterranee Ouest area, which comprises 3,433 square kilometres (1,325 square miles).

Mubadala Petroleum will provide the Moroccan government with the results of the survey on completion, the company said without elaborating on the timetable and the prospects for finding oil or gas.