Foreign and national companies invested MAD 1.44 billion in oil and gas exploration in Morocco in 2018 over an area of 127,000 square kilometers.
Rabat – The Moroccan National Office of Hydrocarbons and Mines (ONHYM) shared its annual activities of 2018 during the 15th meeting of its board of directors in Rabat Monday.
Thirteen partners invested MAD 1.41 million in petroleum exploration in Morocco , and ONHYM invested MAD 31 million.
In the first 11 months of 2018, investors were exploring an area of 127,000 square kilometers, ONHYM wrote in a statement following the board meeting.
Morocco granted 28 onshore exploration permits and 42 offshore permits in 2018. ONHYM received 17 of the permits. Morocco also signed one reconnaissance license and 10 exploitation concessions, giving one to ONHYM.
In 2018, investors drilled seven wells in Morocco, including five in the Gharb Basin in western Morocco, one in greater Tendrara in eastern Morocco, and one offshore, according to ONHYM.
Morocco signed three new oil agreements including two with Repsol and Shell in the Tanfit Zone, and one agreement with Sound Energy for Sidi Moktar Onshore in the Marrakech region and for Greater Tendrara.
Mining exploration had 49 targets
According to ONHYM’s statement, mining exploration in Morocco focused on 49 targets in the most promising areas of the country last year.
ONHYM had 35 targets, including 10 for precious metals, 10 for base metals and uranium, 4 for industrial rocks and minerals, 8 for mining reconnaissance, and 3 special projects on geothermal energy.
Partners explored 14 targets, including 4 targets for precious metals, 6 for base metals, and 4 for industrial rocks and minerals.
ONHYM stated that the volume of Algerian natural gas passing through the Maghreb-Europe gas pipeline increased by 19 percent in 2018 compared to 2017.
The volume amounted to 9.45 billion normal cubic meters in 2018 compared to 7.95 billion normal cubic meters the previous year.
ONHYM explained that the significant increase was due to increased demand by European customers, especially Sagane and Transgas.