A brief description of the energy business
The company acquired 3 blocks in Haha oilfield of Essaouira Basin in the Kingdom of Morocco, with a total of 4,918 square kilometers (shareholding arrangement: Forpetro 38%, PEL 37%, Oil Ministry of Morocco 25%) and become the biggest majority shareholder. Forpetro and PEL are joint operators of the blocks. The exploration rights are effective for 8 years, starting from July 9, 2015 and the development rights are effective for 25 years.
Proven oil reserves of the oilfield are 1,285,000 tons and recoverable reserves 106 million tons. Proven natural gas reserves are 11 million cubic meters and recoverable natural gas reserves 36.9 billion cubic meters.
||Proven oil reserve
|Recovery ratio (%)
|Recoverable oil reserve (’0000 tons)
|Proven NG reserve (’00 million cubic meters)
|NG Recovery ratio (%)
|Recoverable NG reserve ((’00 million cubic meters)
In September 2015, Forpetro signed contracts with several companies from Cameroon and Ethiopia and planned to jointly explore and develop oilfields and provide engineering services.