Minister: over 47 million dh went to oil prospecting in 2001

The volume of oil prospecting investments in Morocco could exceed 47 million DH (US$ 4.2 Mln) in 2001, said minister of industry, trade, energy and mining, Mustapha Mansouri.

The official told Saudi daily Asharq Al-Awsat the government has granted 54 licenses and is carrying on negotiations with other companies. He cited in this regard nine major agreements with international companies, including two agreements signed recently with French Total and US Keer-Mc Gee.Ltd to conduct research off the Atlantic Ocean.

He went on that Morocco's oil bill which stands at 17.6 billion DH (US$ 1.6 billion) could reach 18 billion DH (US$ 1.63 billion) next year on the basis of an average price of 23 Dollars/barrel. He also explained that overall energy consumption in 2001 is expected to stand at 10 million tons, of which 96% are imported.