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Morocco’s hopes of becoming a major oil producer are fading fast. But recent successes on the gas front are giving cause for optimism.
Morocco has been looking to a high-cost high-impact series of offshore wells to catapult it into the ranks of heavyweight oil producers. With none of the four wells drilled over the past 12 months striking commercial hydrocarbons however, and oil prices down close to 55% since last June, interest in further wildcat exploration is waning (MEES, 30 January).
But whilst this high-cost and potentially high-reward offshore drilling has grabbed the headlines of late, the country does already produce hydrocarbons: gas. (CONTINUED - 614 WORDS)