Chevron Hunting Moroccan Elephants Marks First Oil Boom: Energy
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Chevron Corp. and Genel Energy Plc are hunting for elephants in Morocco. Not the animal, rather the giant oil fields that send explorers’ market values soaring when they’re discovered in the frontier.
Oil companies are planning as many as 10 wells in Moroccan waters through 2014, according to Citigroup Inc. That’s twice what was drilled in the past decade and represents the fastest pace opening wells since at least 2000. U.K.-based Cairn Energy Plc is scheduled to start drilling the Foum Draa prospect in the fourth quarter. Chevron, the second-biggest publicly traded U.S. oil producer, picked up three offshore licenses last month.