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Trying to find its way in the North African energy market, Morocco is aiming to diversify resources, all while developing the natural gas industry.
With 1.44 billion cubic meters of proven natural gas reserves, the country is keen to attract foreign direct investors through a series of flexible offers suggested by the government.
But, according to a Forbes analyst, Morocco's energy ambitions would tighten the built on these foreign investors. Published Wednesday, the American magazine’s analysis indicate that Morocco is trying to grow its oil and gas industry, which could face a couple of obstacles in the future.
It cites the deals offered by the Office Nationale des Hydrocarbures et des Mines (OHNYM), which facilitates the job of oil and gas exploration and production companies in the Kingdom.
Oil and gas exploration and production companies in Morocco
The same source explains that «during the resource exploration phase, 100% of the costs are paid by the contractor without any reimbursement from ONHYM while during the exploitation period the costs are shared between the parties in accordance with their participation interest in the production concession».
The Kingdom offers «one of the best fiscal regimes in the industry», SDX Energy Chief Executive Officer Paul Welch, whose firm is leading a project in the Gharb basin, told Forbes.
The magazine, however, believes that these energy companies operating currently in Morocco, such as Sound Energy, Chariot Oil & Gas and Eni, might face some problems while investing in the Kingdom.
«Skeptics point out that Morocco’s shale oil and gas rock formation has been known to geologists since the 1930s, and the country is unlikely to realize its potential anytime soon», wrote Forbes’ analyst.
The other obstacle is Morocco’s future ambitions when it comes to energy resources. The Kingdom is determined to diversify its energy resources by leaning more towards renewable energies.
The Moroccan government might even spend billions trying to develop the clean and green sector in the country, including solar energy, the Minister of Energy, Mines and Sustainable Development Aziz Rabbah told the same source.
