After the discovery of its oil reserves, Morocco has become the subject and destination for oil searching and gas activities at national level. Consequently, a team devoted to oil and gas exploration will soon arise.
A summit for Moroccan Oil made possible by the joint effort of the National Office of Hydrocarbons and Mines (ONHYM) and the International Research Networks (IRN) presented the country’s potential for providing a source of hydrocarbon to international associates.
According to the Minister of Energy, Mines, Water and Environment, the committee will compose of representatives from all ministries and public institutions involved in the activities of the oil and gas exploration. The committee will supervise concrete proposals for the necessary adjustments to be done to build up Morocco’s attractiveness for oil exploration.
The recent years marked an increase in drilling alongside the 2.3 billion dirham increase in total investment in 2013. Last year, the drilling if four wells was completed in the areas of Sidi Mokhtar and Gharb. This year’s forecast says that the oil industry is seeing an investment of more than 5 billion dirham from the partners for 27 wells should be maintained over time. Out of the 27 wells, 15 wells will be drilled in the Gharb onshore.
The exploration license will run for a period of 8 years over three periods, each of which points on a definite investment and a specific number of labor.