Fastnet Oil & Gas revealed that the Forum Assaka FA-1 well in the Agadir basin came upon oil and gas proves and established a working system. However, commercial volumes of hydrocarbons were not located.
In spite of the apparently disappointing news for oil and gas, the Minister for Energy Water and the Environment together with the National Office of Hydrocarbons and Mines (ONHYM), uttered a positive and encouraging view concerning the future of the industry during the opening session of the Morocco Oil and Gas meeting that took place in Marrakech.
According to some reports, the optimism of the two officials was interpreted into figures viewing that more than 34 companies are now working in Morocco in the framework of 131 offshore and onshore exploration permits, in addition to five exploration licenses and nine utilization concessions.
During the conference, they highlighted the progress made last year. In 2013, there was an achievement of 5451 square kilometers of 3D seismic data, 654 square kilometers of 2D seismic data, the drilling of three wells, and MAD 2.4 billion ($294 million) in investments from ONHYM oil corporations.
This year, 27 wells have been drilled and the net worth of investments is approximated at around MAD 5 billion.