Moroccan King Announces Major Oil and Gas Find
King Mohammed VI said Sunday that a large field of oil and gas had been discovered near Morocco's eastern border, reported The Associated Press.
The king said the find "was good-quality and abundant," but he did not specify the amount discovered near Talsint, about 60 miles from the border with gas-rich Algeria, the official MAP news agency reported.
Morocco has had no important oil or natural gas reserves, importing virtually all its fuel, according to the agency.
This spring, some independent Moroccan media sources speculated that the underground store could contain up to 20 billion barrels of oil.
But in July, Moroccan Energy Minister Youssef Tahiri called the reports "fantastic and premature," saying only that there were encouraging signs of oil reserves.
Speaking at a festival for young people, the king said the natural resources should be "used rationally, to ensure the re-launching of the national economy and social development," said the agency - Albawaba.com
© 2000 Al Bawaba (www.albawaba.com)