Morocco has great oil, gas potential, Vanco energy says

Morocco and Cote d'Ivoire have a great offshore hydrocarbon potential, said Gene Van Dyke, President and Managing Director of the US Vanco Energy corp.

Van Dyke told the Washington File, that he expects huge oil and gas finds of the shores of Western Africa, where his company is involved in drilling operations.

The African coast may in the medium run substitute the Middle East as a major oil supplier for the USA, said Dyke, who described the West Africa hydrocarbon potential as "phenomenal."

The USA consumes annually 20 million barrels of oil and imports 14 million.

The offshore drilling has just started, he said, adding success rate in West Africa's shores stands at 50 percent. This means wells of 100 million barrels will be discovered in 50 to 60 percent of drillings made.

For US firms, Western Africa shores are easy to exploit and are advantageous in terms of conveying oil to the USA, he said.

Van Dyke attended a conference, held in Houston Nov. 19-20 by the Corporate Council on Africa, on hydrocarbon production in Africa.