Fifteen international oil companies prospect currently in Morocco

Apr 12, 2005 02:00 AM

Fifteen international oil companies are currently prospecting in various regions of Morocco investing around MAD 500 mm annually, about EUR 50 mm, said Mrs Amina Benkhadra, Managing Director of the Moroccan Office of Hydrocarbons and Mining (ONHYM).
Mrs Benkhadra told the country is at an important stage of study that confirms the importance of oil fields.

She said the around MAD 110 mm ONHYM budget falls short of conducting comprehensive studies and research necessary in oil and mineral exploration, adding without accurate studies, it is impossible to know the country's energy potential. Mrs Benkhadra said the prospecting operations of three offshore drillings "are not negative," but did not yield signs of profit-making oil or natural gas presence.
Oil fields in Morocco are still not tapped enough, for drilling has not yet reached 0.01 well per 100 sq km, when international average is 8 wells per 100 sq km, she said.

Source: Arabic News
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