Market sources reported that Morocco spent 21 billion Moroccan dirhams ($1.5 billion) on crude oil imports in the year 2000. Of this figure, $1.5 billion was imported from Iran, Saudi Arabia and Iraq.
Last year, the American-Moroccan Lone Star Energy Company discovered oil for the first time off Moroccan shores.
It estimated Moroccan oil reserves at 1.5 to two billion barrels in the Talsent region, and 12 billion barrels off the country’s Atlantic coast.
The discovery is expected to greatly reduce expenditures on oil imports in the future. –(MENA Report)
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