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Fastnet Oil and Gas, a company set up by former Cove Energy directors, has agreed to exercise its option to take up a 50% paying interest in the onshore Merada licence.

Drilling next year will test whether north-west Africa’s previously unfashionable deep offshore could produce an equivalent of Ghana’s Jubilee field. A declaration of commerciality for the Banda gas field off Mauritania could add to the industry’s interest in lesser-known Atlantic Margin plays, write John Hamilton and Thalia Griffiths

Fastnet Oil and Gas executive vice president exploration Paul Griffiths said in October that Morocco’s Foum Assaka offshore permit, which is operated by Kosmos Energy, as having “multi-billion barrel resources in place in several plays including a Jubilee field, Ghana analogue”.

Chariot Oil & Gas has taken over the offshore Loukos and Casablanca/Safi licences from Maghreb Petroleum Exploration

Although critics in Morocco have expressed concern about ACWA Power International’s lack of renewables experience, the Saudi power and desalination specialist has been moving into solar with steely determination over the past year – and anyway brought in an experienced Spanish team as its engineering, procurement and construction contractor.

Implementation of the wind farm contract awarded by Office National de l’Electricité (ONE) to France’s EDF Energies Nouvelles and Japan’s Mitsui group is dragging, as details remain to be finalised of a project that sources say is technically challenging.

It has taken months to negotiate and caused arguments about its cost and policy implications across recession-hit Morocco, but underlining the North African kingdom’s green credentials, construction at the Ouarzazate solar complex should start by the end of the year, writes Jon Marks in Marrakech

Former Woodside Energy vice president Eve Howell, who formed exploration company EMR Resources last year with Max de Vietri and Colombian geologist Ricardo Garzon, has been named as chief executive of Tangiers Petroleum, giving the new vehicle access to stock market listings in Australia and London.

Australia’s Pura Vida Energy is seeking a farm-in partner to develop its deep-water Mazagan permit. Pura Vida has 75% equity in the permit and a 100% paying interest. Office National des Hydrocarbures et des Mines has a 25% carried interest through exploration.

As well as attracting Genel Energy into its Sidi Moussa Block, Serica Energy has secured another farm-out deal, bringing Cairn Energy into the Foum Draa offshore permit.

State utility Office National de l’Electricité (ONE) is coming under new pressure due to the long hot summer coinciding with the Muslim holy month of Ramadan, which runs to 20 August.

Newcomer Fastnet Oil and Gas, of which Cove Energy founder John Craven is a major shareholder, has bought into Kosmos Energy’s Foum Assaka Block. Fastnet has bought Pathfinder Hydrocarbon Ventures from its parent Pathfinder Energy Maghreb for $8m in cash and shares.

Abu Dhabi National Energy Company (Taqa) has signed financing arrangements for $1.4bn equivalent of 16-year, multi-currency non-recourse project financing for the 700MW expansion of the Jorf Lasfar coal-fired power complex.

A power purchase agreement has been agreed and could be completed by year-end, allowing for construction to start on the 1,320MW Safi coal-fired IPP.

Still licking its wounds from the YPF nationalisation in Argentina, Spanish major Repsol has unveiled its Strategic Plan for 2012-16, focused on high growth in the upstream, maximising the return of downstream and liquefied natural gas, building its financial strength and providing competitive compensation to shareholders.