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China-Africa Trade Information Service
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When it comes to the North African Energy Market Center, most people will think of OPEC members Algeria, Angola, Nigeria and Libya.
In the past decade, a North African economic power, a net energy importer with 1.44 billion cubic meters of proven natural gas reserves, is trying to enter the energy market.
With less than a tenth of its natural gas reserve potential having been realized, and the visible potential for shale oil exploration, Morocco’s government is going all out to attract foreign direct investment for its still relatively nascent oil and gas industry.
L'Office Nationale des Hydrocarbures et des Mines or OHNYM, the country’s central bureau for managing hydrocarbon resources, has of late offered pretty attractive operating and investment terms to oil and gas exploration and production (E&P) companies that some industry insiders describe as the equivalent of rolling out the fiscal red carpet.
Aziz Rabbah, the country's Minister of Energy, Mines and Sustainable Development said that atop the country's natural gas reserves that remain largely untapped are potential oil riches.
"Morocco is ranked fifth in the world for oil shale reserves with deposits in Tarfaya and Tangier, and our continental shelf is also being assessed for shale gas."
Earlier, Rabbah told the summit that Morocco's oil and gas industry was "open for business" with projected investment in the energy sector by the year 2030 estimated to be $40 billion, presenting significant investment opportunities.