Morocco teams with giants in oil, gas search
9 February, 2018
The Moroccan authorities announced last Tuesday that the country has signed an agreement with oil giants Royal Dutch Shell and Spain's Repsol to conduct onshore oil and gas explorations in the southern part of the country, news wires reported. The explorations will be carried out at an onshore site in the southern region of Souss-Massa, which covers an area of 9,990 sq km, Morocco's National Office for Hydrocarbons and Mining (ONHYM) said in a statement.
“Following the results of the reconnaissance works undertaken in the area, ONHYM, Repsol and Shell have decided to sign a petroleum agreement with ONHYM to further explore the hydrocarbon potential of this area,” the statement said. Repsol, one of the world's leading publicly-traded oil and gas companies, will be the operator of the project.
Figures show a total of $164m is expected to be invested in oil and gas explorations in Morocco in 2018. Between 2000 and 2017, Morocco's total investments in oil and gas explorations onshore and offshore totalled $2.7bn, 96% of which was paid by partners of state-owned ONHYM. In September 2015, Shell and ONHYM signed a reconnaissance contract covering an area in north-eastern Morocco.