226 million dirhams … the proceeds of mining and oil exploration investments in Morocco

0
24


Monday 26th October 2020 07:13 AM

A window to the world mineral and oil exploration

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, which 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.

Source: Constitution



LEAVE A REPLY

Please enter your comment!
Please enter your name here