Circle Oil Says Morocco is Core country to Invest in For

Casablanca- Just a few days after British company Longreach Oil & Gas Ltd announced that it had made a “substantial” gas discovery in the Sidi Mokhtar basin near Essaouira, Circle Oil, an international oil & gas exploration, development and production company, said on Monday that it had started drilling operations in Morocco.“Circle is very pleased to announce the start of our third drilling campaign in Morocco. We have previously enjoyed significant drilling success in the Sebou permit and our technical team have worked hard to maximize opportunities and ensure this success continues,” Chris Green, Circle’s CEO said in a statement on Monday.Green went on to say that Morocco constitutes the company’s most important destination for investment in the future. “Reserve replacement and enhancement is the key to maintaining and uplifting our revenues in what we regard as a core country to invest in for the future,” he added. The company said that it has a “large portfolio of prospects from which to choose,” adding that its initial 12 locations have an estimated 25 billion cubic feet of reserves.34 international oil and gas exploration companies are investing in Morocco’s hydrocarbon sector.Last Friday, the National Office of Hydrocarbons and Mining (ONHYM) said that an oil test drill carried out by Longreach Oil & Gas Ltd had found encouraging gas indications in Sidi Mokhtar (Essaouira province).“These indications are encouraging signs to continue the zone’s exploration through 3D seismic acquisition and the drilling of other wells,” ONHYM added.Edited by Elisabeth Myers© Morocco World News. All Rights Reserved. This material may not be published, rewritten or redistributed