BP Enters Morocco With Purchase Of Stakes In Three Offshore Blocks


News: UK-based energy multinational BP has acquired stakes in three offshore oil blocks in Morocco, its first venture in the North African country, World Oil reports. BP has purchased 45% interests in the Essaouira and Tarhazoute blocks and a 26% stake in Foum Assaka, all situated in the Agadir Basin, from Kosmos Energy for an undisclosed fee. The move is part of BP's strategy to diversify its global asset portfolio in the wake of the 2010 Gulf of Mexico oil spill.

This article is tagged to:
Sector: Oil & Gas
Geography: Morocco

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