Global Arab Network | Morocco invests million in oil exploration

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Morocco invests $10 million in oil exploration

Global Arab Network - - Reda Darwish

Thursday, 10 March 2011 21:30

Morocco (Rabat) - The state-run mining and hydrocarbon board (Office nationale des hydrocarbures et des mines, known by its French acronym ONHYM) said it had invested 81.5 million Dirhams ($10 million) in oil exploration last year.

It added in a statement following the seventh session of its board of directors that its partners' investments stood at 745 million Dirhams.

The statement noted that hydrpcarbon sales rose by more than 14% over 2009 for natural gas and by more than double that figure for condensates.

Hydrocarbon sales, it said, recorded a turnover of more than 100 miliion Dirhams against 73.28 million Dirhams a year earlier, a rise of 37%. (MAP)

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