As foreign interest grows in its potential energy reserves, Kingdom of Morocco’s Department of Energy, Mines, Water and Environment announced last week that the country has plans to double the number of wells in 2014 into 20 wells as per the issue oil and gas exploration.
Recently, international companies expressed their interest to visit Morocco for the exploration market opportunity on the oil and gas sector.
A British giant Petroleum company has revealed the acquisition of ownership interests in the prospect of drilling off Morocco, joining other “majors” like the other international firm who are already in the country.
The Minister of the department said that Morocco has “almost 900,000 km2 of sedimentary basins” (onshore and offshore), currently has only “0.04 well per 100 km2, which is very, very low,” the international average is “about 10”.
Morocco which currently imports virtually all its oil and gas needs and is under pressure to reduce its unaffordable energy bills, is determined to develop this interest.