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Mubadala to explore hydrocarbon potential off Morocco coast

March 18, 2015

DUBAI, United Arab Emirates (AP) — Abu Dhabi’s Mubadala Petroleum company says it has signed an agreement with Morocco to explore hydrocarbon potential in an area off the Northern African country’s Mediterranean coast.

The agreement was signed Wednesday during a visit by Abu Dhabi’s Crown Prince Sheikh Mohammed bin Zayed Al Nahyan to Casablanca. Mubadala Petroleum is a wholly-owned subsidiary of the Abu Dhabi government-owned Mubadala Development Company.

The agreement signed with Morocco’s government provides the company “with an exclusive reconnaissance license” to carry out a detailed geological evaluation of the hydrocarbon potential of a roughly 3,400 square-kilometer (1,300-mile) area.

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