Morocco … Investments in mineral and oil exploration amounting to 226...

Morocco … Investments in mineral and oil exploration amounting to 226...
Morocco … Investments in mineral and oil exploration amounting to 226...

The Moroccan National Office of Hydrocarbons and Minerals (ONHYM) expects that investments to implement the plan to continue exploration for minerals and oil will reach about 226 million dirhams during the current year.

The office indicated that the volume of oil exploration investments in Morocco last year amounted to about 883 million dirhams, and were employed by foreign companies in partnership with the office, whose share in this investment amounted to 158.6 million dirhams.

Recent official data reveal that in 2019 the ONHYM office obtained data related to gravity measurement, drilled five exploration wells and signed 6 new oil agreements.

The office’s work included 31 sites, including 8 related to precious metals, 9 for base metals, 4 for rocks and industrial minerals, 6 for mineral identification, and 4 special projects related to thermal energy and hydrogen.

In terms of production, the office’s outcome indicates that “the value of transactions resulting from the sale of natural gas, condensate and various services amounted to 243 million dirhams in 2019, an increase of 40%, compared to 173 million dirhams in 2018.

The office expects to achieve a value of 189 million dirhams in 2021, representing a decrease of 10.4%, compared to expectations for the end of the current year 2020, while the net result for 2021 is expected to record a deficit of 132 million dirhams.

Moroccan dirham = $ 0.11

Source: “Hespress”

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