Morocco has 900 Million Oil Barrels Reserves as per Reckoned

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Morocco seizes 900 million barrels of oil reserves, an estimate made by the Spain’sMorocco has 900 Million Oil Barrels Reserves as per Reckoned Repsol CEO, the company responsible of oil probabilities between Morocco and Canary Island’s waters.
The said assessment was published by a Moroccan daily newspaper, Akhabar Al Youm Al Maghribiya. The said paper also reported other positive estimations that the Kingdom may have around 2 billion barrels of oil reserves relying on Morocco’s office of hydrocarbon head statement that the country sits on important reserves.
In recent years, there has been growing interest in the kingdom’s potential oil reserves. Oil giant, Chevron and BP showed great interest in investing in Morocco’s offshore drilling. Both of them acquired this year blocks off the coast of Agadir in southern Morocco.
Morocco imports virtually all its energy needs and last month began implementing a fuel price indexation system to rein in its unaffordable oil subsidies.