- Bloomberg•2 years ago
Genel Energy Plc (GENL) , the oil explorer headed by former BP Plc Chief Executive Officer Tony Hayward, discovered oil at its Moroccan project while it continues testing for definitive results. The company has “encountered oil during drilling operations” in a well in the Sidi Moussa block offshore Morocco, Serica Energy Plc (SQZ), Genel’s partner in the project, said in a statement today. Some of the world’s biggest oil companies, including BP and Chevron Corp. (CVX), plan to expand operations off Morocco this decade, while oil explorers including the U.K.’s Cairn Energy Plc and Gulfsands Petroleum Plc have abandoned drilling in some blocks after failing to find commercial reserves.
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