ONHYM has launched a multi-front campaign to exploit more than a billion barrels of oil reserves, as well as sizeable deposits of natural gas

AMINA BENKHADRA General Manager of ONHYM

orocco’s chief advocates for energy and mining exploration are venturing abroad with an enticing message to foreign investors: help us untap our vast fuel reserves.

The government-run National Office of Hydrocarbons and Mining, or ONHYM, is seizing on Morocco’s strategic geographic position – convenient to Europe, sub-Saharan Africa and the Middle East – and favorable Western diplomatic ties to boost exploration and production in the coming years.

Amina Benkhadra, ONHYM’s General Manager, says Morocco presents an attractive investment opportunity, given the growth of the nation’s energy and mining sectors and tax incentives offered to foreign companies looking to enter the market. The country is adopting this stance despite being an energy-dependent nation.

“I continue to say that Morocco is under explored. Today we must do our utmost to attract foreign operators,” Mrs. Benkhadra says. “The position between Europe, sub-Saharan Africa, the Middle East, the Maghreb and the USA is truly a geo-strategic position that should challenge and stimulate investors in every field, and particularly in the energy and mining sector.”

The national energy exploration office says Morocco has proven oil reserves of 1.07 billion barrels. Natural gas deposits stand at 60 billion cubic feet, the organization says.

Since 2004, offshore drilling contracts have been signed by China, Norway and Denmark. Canadians embarked on a three-year offshore exploration program in 2005 that covers some 1,500 square miles.

Currently, ten American firms are involved in efforts onshore or offshore with ONHYM. A total of 19 foreign companies were involved in hydrocarbon and mining efforts by the end of 2005.

The group hope these efforts will spur more foreign investors take a closer look at Morocco’s 1,140 miles of Atlantic coastline and 172,317 square miles of territory as fresh options for exploration. Mrs. Benkhadra says, “The potential is there and it will be discovered.”