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Morocco, potential gas exporter

This is a discussion on Morocco, potential gas exporter within the Investment help and advice forums, part of the Property in Morocco category; The news of more gas finds in Morocco kindles hopes of a new source of both energy and income. Today, ...

  

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Old 04-05-2009, 11:21 PM   #1
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Default Morocco, potential gas exporter

The news of more gas finds in Morocco kindles hopes of a new source of both energy and income. Today, Dana Petroleum Plc has announced a new “significant” gas discovery at Anchois, in the Tanger-Larache licence, with its first well offshore Morocco.

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Two intervals of high quality, gas-bearing sands, were encountered in the well, Dana said in a press release, adding that the combined gas column encountered was about 90m with about 40m of net pay.

The Anchois-1 discovery well is located about 40km from the coast and was drilled to a total depth of 2,435m. Preliminary estimates of reserves were said to be around 100 billion cubic feet.

“The new Anchois discovery is a very important result from our first well offshore Morocco,” said Tom Cross, Dana's Chief Executive.

The company said that it has decided to suspend the well as a potential future producer, as the venture group is now analysing the data acquired before deciding on further exploration drilling in the licence.

The Tanger-Larache licence is a joint venture bringing together Dana Petroleum Plc (15%), Repsol (36%), Spain's Gas Natural (24%) and the state-owned hydrocarbon office “ONHYM” (25%).

Earlier, Circle Oil Plc had confirmed that it had found natural gas in the north-east of Morocco's capital Rabat, as part of the Ouled N'Zala Permit. And Tethys Oil has just started its drilling operations at the Tafejjart-1 well on the Bouanane licence onshore Morocco.

Energy is one of Morocco's top concerns, as the country imports up to 96% of its energy needs. In the recent year, it has stepped up its oil and gas exploration efforts, in hopes of limiting its reliance on the exterior. Between 2007 and 2008, Morocco signed 9 oil agreements and six exploration contracts.

“In our long-term vision, which takes into account the trends and changes that are likely to mark the global energy landscape over the coming decades, we put the security of energy supply and the preservation of the environment at the forefront of our concerns,” said HM King Mohammed VI, in his message to the first National Energy Conference held earlier this month in Rabat.

By CMC


Morocco, potential gas exporter
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