Up to 90 percent of Moroccan offshore explored by foreign oil companies
Morocco, Economics, 4/28/2004

Moroccan energy and mining minister, Mohamed Boutaleb said, here Monday, that between 85 and 90 percent of the Moroccan offshore is being explored by international oil companies.

Morocco's strategy aims at gaining a maximum of international investors to assess the country's energy potential, he said at a press briefing on the fringes of the 8th Africa oil and Gas, Energy Trade and Finance conference and exhibition held this April 26-30 in Marrakesh.

Director general of the state-owned National Office for Hydrocarbon and Mining (ONHYM) Amina Benkhadra, said "exploration is a difficult operation that requires an average of 5 to 10 years to yield fruits." She added that efforts made by ONHYM to promote foreign investment in Morocco have led to encouraging results and that 17 oil companies are currently operating in Morocco both onshore and offshore.

These companies, she said, invest between 350 and 450 million DHs (between US$ 38.8 million and US$ 50 million) annually while Morocco dedicates annually 50 million Dhs (US$ 5.5 million) for preliminary studies to incite international companies to invest in the country.

Some 800 experts and decision-makers in the energy and finance sectors are attending the conference, initiated by the UN conference for trade and development (UNCTAD) in collaboration with ONHYM, and the energy and mining department.

Previous Stories:
  Morocco and Norwegian company sign off-shore oil prospecting deal   (4/24/2004)
  Over 25 oil prospecting companies operating in Morocco, minister   (4/22/2004)
  Morocco signs oil exploration agreement with Danish Maersk Oil   (4/20/2004)

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