Canadian international companies to prospect in Morocco

Canadian international companies, Stratic Energy Corp. and Transatlantic Maroc Ltd will prospect the Guercif-Beni Znassen region (east) under a contract signed in Rabat Wednesday, said a communique of the Moroccan Office of Hydrocarbons and Mining (ONHYM).

The twelve-month permit will cover 13,750 sq. km and provides for carrying out special surveys, said the communiqué.

Stratic is already operating in the kingdom as it signed with the kingdom on April 19, 2004 an oil accord to explore two large, onshore concessions located on the Northwestern coast. Known as the Moulay Bousselham and Mamora Permits, the two contiguous concessions encompass 4,000 sq. km and contain a proven hydrocarbon fairway. The initial term on the concessions is three years, with options for extensions.

Four exploration contracts have already been signed and 15 oil companies are already prospecting in various Moroccan onshore and offshore areas.

Oil fields in Morocco are still not tapped enough, for drilling has not yet reached 0.01 well per 100 square km, when international average is 8 wells per 100 square km, she said.