It is difficult for the time being to assert existence of oil in Morocco

Moroccan Minister of Energy and Mining Youssef Tahiri said it is difficult for the time being to assert that oil exists in Morocco.

"We are in a phase of drilling and prospecting and it is difficult to assert with certainty that oil does exist in Morocco," Tahiri told the Moroccan radio and TV RTM Friday.

He noted however that there are "promising signs" that would enable Morocco join the club of oil-producing countries. "There are promising signs but it would be false to say today, at this very moment, that there is oil in Morocco," said the official choosing to "remain prudent" until "official announcements are made" on the matter.

He elaborated further that the hydrocarbons code adopted recently by the Moroccan parliament has attracted a number of oil companies that expressed interest to prospect for oil in Morocco.

Morocco has granted prospecting licenses to the US oil company Lone Star Energy which will conduct drilling in the nearby of the Moroccan southern city of Errachidia over a 6,000 KM2 area, in the provinces of Settat and Essaouira to the south of Casablanca and in the northern Atlantic maritime area.

Morocco's oil consumption is assessed at nearly 6 million tons per year.