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Hunt Oil Expands into Morocco with New Energy Exploration Subsidiary
Hunt Oil Company, a prominent American oil and gas operator, has officially launched its Moroccan subsidiary, Hunt Oil Company Morocco, marking the company's entry into the Kingdom’s energy sector. This move is aimed at exploring and potentially exploiting hydrocarbon resources, pending approval from Morocco's National Office of Hydrocarbons and Mines (ONHYM). The subsidiary's establishment could pave the way for future operations in the country's energy market.
The newly established subsidiary is a single-member limited liability company (SARLAU) with an initial capital of 100,000 dirhams, as registered in the Rabat commercial registry under the number 287524. The company’s headquarters is located at 27, Avenue Tansift in Rabat.
Hunt Oil Company, based in Dallas, Texas, was founded in 1934 and has a long history of operations in oil and gas exploration and production. The private family-owned company is active in various regions, including Latin America, the Middle East, and West Africa, with notable projects in Iraq, Egypt, and Yemen.
Hunt Oil’s expansion into Morocco is part of its broader geographical growth strategy. The company's objectives include studies, prospecting, exploration, and the potential extraction of natural resources, particularly liquid and gaseous hydrocarbons. In addition, the company will engage in transportation, storage, processing, marketing, and trading of petroleum products.
The founding documents of the company also include provisions for engineering services, drilling, geophysical, geological, and seismic studies, as well as technical, logistical, and industrial services related to the sector. Hunt Oil Morocco is also authorized to acquire, transfer, manage, or operate exploration permits on its own behalf or as an intermediary.
However, the subsidiary’s actual operations remain contingent upon obtaining the necessary permits from ONHYM. No exploration contract has yet been published in the Official Bulletin, indicating that discussions are still ongoing.
Hunt Oil’s decision to invest in Morocco comes amid increasing interest from major oil companies in the country's largely untapped sedimentary basins. According to Amina Benkhadra, the director of ONHYM, increasing drilling activities is crucial to optimizing hydrocarbon discovery opportunities and attracting more investments to the sector.
Founded in 1934 by H.L. Hunt, Hunt Oil Company is one of the largest privately-owned oil companies in the United States, with operations in over 20 countries. The company is a co-owner of PERU LNG, South America's first liquefied natural gas plant, and has been instrumental in developing the Alif oil field in Yemen during the 1980s.
