Surveys and works performed by the National Office of Hydrocarbons and Mining (ONHYM) and its partners at various sedimentary basins of the Kingdom have explained the existence of petroleum systems and numerous possible deposits, according to the ONHYM director-general, Amina Benkhadra.
She also stated that there are hopeful and capable options for oil exploration in Morocco, Benkhadra, adding up that the complete budget for oil exploration close to 5 billion dirhams in 2014.
Numerous agreements have been signed with 30 expert firms covering various regions of the Kingdom, noting that 113 exploration permits (90 maritime) and 4 recognition permits have been transported to this point.
Last year, ONHYM had released approximately 58 million dirhams to finance oil exploration, at the same time 2.337 billion dirhams was given by ONHYM’s partners, corresponding of 97 pc of the entire investment rate.
In reaction to media information on oil discoveries in Morocco, Benkhadra recollected that exploration operations can last several years (between 7 and 15 years) and need long term work, explore and study, adding that oil exploration is a high-risk operation because its difficulty and changeable outcome.