Morocco Invests $27 Million in Oil Exploration, Expands Search Efforts

ONHYM indicated in its activity report that it allocated 16.84 million dirhams (1.5 million euros) to exploration by the end of September. These research activities were carried out over a total area of 207,423 square kilometers offshore and onshore, in collaboration with 11 companies. The Office has already issued 58 permits, two reconnaissance authorizations and ten exploitation concessions, the document accessed by EFE states.

Morocco is looking for alternatives to fuel imports and is working to develop renewable energies to be the leader in this field by 2030. The value of Morocco’s imports of energy products has doubled in the first nine months of the year, reaching 104 billion dirhams (9.4 billion euros) compared to 46 billion dirhams (4 billion euros) in the same period of 2021. This increase is due to the surge in prices on international markets and the increase in imports (+11.5%), the document notes.

In his speech delivered on Sunday on the occasion of the 47th anniversary of the Green March, King Mohammed VI reaffirmed the kingdom’s commitment to realizing the gas pipeline project with Nigeria "as soon as possible". According to the Moroccan monarch, this is a "strategic" project for the energy security of West African countries.