Morocco's oil bill to exceed one billion dollars
Morocco, Economics, 9/12/2000

Morocco's oil bill will reach almost 13 billion Dirhams this year (more than one billion US $) against 8.7 billion Dirhams last year, said Amina Benkhadra, general manager of the National board of Oil Research and exploitation (ONAREP).

Benkhadra told "Liberation" daily that Morocco, which is not yet an oil-producing country, was severely hit by the hike in oil prices as it imports 95% of its annual 9 million tons of oil needs.

She went on prospects of oil discovery are "promising and encouraging" and hoped that it will help alleviate the oil bill burden.

Benkhadra, who also chairs the boards of mining research and participation (BRPM), said the Iourir gold mine discovered recently in southern Morocco will start operation in 2001. The mine was sold to Morocco's largest private corporation ONA.

Last month, Lone Star Energy Corporation, off-shoot of the US Skidmore Inc. Announced the discovery of oil and gas reserves at Talsint, assessed at 1.5 to 2 billion barrels and 100,000 barrel of oil reserve ay the Sidi Belkacem I well.

Besides Talsint, the US firm has four other licenses to drill in Loukous, Labrouj, Safi, and Essaouira Atlantic regions over an area of 37,000 square km. Reserves in these areas are estimated at 10 to 12 billion barrels before drilling.

Lone Star is bound to Morocco by an investment contract of $ 30 to 35 million. But the situation has changed, with the discovery of the Talsint fields, and the amount is expected to increase to $ 150 or 160 million.

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