Morocco invests more in petroleum exploration

Mar 28, 2007 02:00 AM

Morocco sharply increased spending on petroleum exploration last year compared to 2005 and registered two natural gas discoveries, the government said.
The country invested Dh 520 mm ($ 63 mm) on exploration in 2006 -- a 54 % increase over the previous year, the prime minister's office said.

Two drilling projects in the north-western region of Gharb led to natural gas discoveries on the order of 10 mm cm (13 cubic yards), the government said.
Natural gas production reached 45 mm cm in 2006, compared to 26 mm the year before. Sales generated Dh 109 mm, while the total was Dh 48 mm in 2005.

Morocco imports nearly all of its oil and gas from Middle Eastern countries, as well as Algeria. Its energy bill grew by 12 % in 2006 to Dh 44 bn, the government said.
The government said it signed four survey agreements and six prospecting agreements with oil companies last year. Other agreements were also extended.

Source / AFP
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