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Why Are Oil Majors Converging on “The Secret Coast”?

By Editorial Dept | Fri, 25 October 2013 21:22 | 0

Some of the world’s most savvy energy investors have converged in a strange place the last few months. A place I call “the secret coast”, because little is known about the geology here, or the potential for discovery.

The place is Morocco—the far northern end of Africa.

Now, it’s no secret there’s a lot of petroleum exploration going on in other parts of the African west coast. There’s been frenetic activity lately in Ghana, Gabon and Namibia (not to mention ongoing work in stalwart producing nations like Nigeria).

But the northern end of this coast, off Morocco—where the Atlantic meets the Mediterranean at the Straits of Gibraltar—is a mysterious place. Little is known about the rocks or the oil pools.

But some high-profile players are betting that a lack of historic work could mean big discoveries are still lurking here. In January, Chevron (NYSE: CVX) bought up three offshore blocks in Moroccan waters. And just last week, BP (NYSE: BP) said it will farm into three offshore licenses here held by Kosmos Energy (NYSE: KOS).

The stats back up their enthusiasm: estimates are that up to 10 exploration wells could be drilled off the secret coast over the next 12 to 18 months… more than all of the wells drilled here since 1990 combined.

An Investment Opportunity in the Making?

Should investors be jumping into companies here for ground-floor profits and a shot at massive…

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