Morocco will be major oil producer in five years, official
Morocco, Economics, 6/8/2001

Morocco will be a major hydrocarbon producer in the five coming years, Director General of the Moroccan Oil company (ONAREP), Ms. Amina Benkhadra, said.

The oil find, made last year in Talsint (south eastern Morocco) confirms that Morocco has an important potential that is still under-explored with 0.04 drilling per square kilometer, while the world average is 8 drillings per square kilometer, the official told La Nouvelle Tribune Weekly.

"It (the Talsint find) encourages Morocco to continue the drilling operations more systematically, using state-of-the-art technology," she said.

Benkhadra underlined that oil drilling operations in Morocco were given a strong impetus, based on a new strategy with clear objectives and priorities.

She announced that several international firms are interested in the Rabat-Safi off-shore drilling area. The bid for this zone will be closed on June 30.

In a bid to drain more companies to drill in the country, Morocco amended relevant laws. Under the new laws, State's share in oil finds were brought down from 50 percent to 25 percent. Tax exemptions were granted to firms over 10 years of production. Royalties were set at 10 percent for crude oil and 5 percent for gas.

Previous Stories:
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  Morocco's oil bill jumps by 64.8 percent   (6/5/2001)
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