In Africa generally, a lot of petroleum exploration has been ongoing, especially in the west coast. In Ghana, Gabon and Namibia, there's been frenetic activities lately, not to mention ongoing work in stalwart producing nations like Nigeria. But the northern end of the coast, off Morocco - where the Atlantic meets the Mediterranean at the Straits of Gibraltar, little is known about the rocks or the oil pools. Recently, there seems to be a convergence of oil majors in this "secret coast". Why could this be?
Some high-profile players are betting that a lack of historic work could mean big discoveries are still lurking there. In January, Chevron (NYSE: CVX) bought up to three offshore blocks in Moroccan waters. And just last week, BP (NYSE: BP) said it will farm into three offshore licences there held by Kosmos Energy (NYSE: KOS)
The statistics 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 the wells drilled there since 1990. Soon, this "secret coast" may end up making the headlines like the hitherto unknown shale formations in the US.
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