Morocco's Petroleum Reserves : Inventory
Open to the oil exploration since the beginning of the last century, Morocco keeps on importing almost all of its oil needs. Its economy makes sacrifices to large energy bills, which implies massive exports to maintain a balanced budget.
The Moroccan authorities have launched several prospecting campaigns to discover the country's oil fields. While there has been considerable progress since the beginning of the initiative, we are asking ourselves about the state of the country's black gold reserves.
3.2 billion barrels discovered
The prospecting campaigns launched by the Moroccan state have led to important discoveries for hydrocarbon production in the country. The latest figures evoke three billion barrels, an oil potential that will attract the largest investors in the oil sector around the world. Discovered by the company Pura Vida Energy in the course of 2012, the potential of the country in oil production will reduce energy bills.
Morocco has always been subjected to the price volatility and instability in international exchange rates. A situation that will end very soon if leaders manage to create a favorable business environment in order to attract world-class investors like the businessman from Tunisia like Tarek Bouchamaoui.
Initiatives on the new land of milk and honey
The discovery of significant oil resources has driven the Moroccan state into a new force, that of ending the significant expenditure for energy needs and beyond small producers like Tunisia. Therefore an attractive strategy for oil companies like HBS International, has been put in place, headed by the powerful economic operator, Tarek Bouchamaoui.
At the moment, there are about 20 oil companies invested in the country, in partnership with Onhym. There are 340 wells drilled, of which about 43 offshore, with only 87 research permits and 8 reconnaissance authorizations. The area covered by the production works is 180,121 km² and the drilling density is 4 per 1000 km². As a conclusion, the work is on the right track, even if several sedimentary basins remain under-explored.
The optimistic prospects of the state
In addition to the 20 oil exploitation companies established in Morocco, the Moroccan authorities intend to attract many others in order to establish a real oil potential. Their objective of making an important discovery in the future has led them to a budgetary forecast, in terms of investment, which comes to 124 million DH for the Onhym in 2018.
The Onhym is determined to keep on improving the value of the petroleum potential of the remaining sedimentary basins. The Onhym forecast for 2021 is to acquire about 3,350 km² in the northern and southern provinces of the country. Added to this are the forecasts of its partners, which stipulate the acquisition of 2,200 km² of 2D seismic and 15,600 km² of 3D seismic. Those figures are showing the willingness of the Moroccan authorities to develop the sector in order to put an end to the dependence on oil needs.