Morocco and Czech group MND sign oil deal

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Flag of Morocco
Flag of Morocco

The Moroccan National Office of Hydrocarbons and Mining (ONHYM) and “Exploration and Production Ltd.”, a British subsidiary of the Czech group “MND”, Wednesday signed a ‘recognition’ contract for oil covering a space of 13,000 square kilometres in Morocco. Under the agreement, Exploration and Production Ltd. is to do geological and geo physical works during a 12-month period in the area of “West Missour”, North East of Morocco, ONHYM said in a statement . To date, ONHYM has signed 21 oil agreements and 6 “recognition” contracts with 28 foreign companies covering a total area of more than 250,000 square kilometres. These contracts are divided into four mineral leasings, 91 prospecting licences and 6 recognition licences. Morocco imports substantially all its oil needs with a US$ 2.5 billion bill per year.

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