Oil companies increase exploration in Morocco

(MENAFN) Oil companies in Morocco are speeding up exploration encouraged by the country"s stability and by the potential of offshore reserves, Arab News reported. Independent explorers have be acquiring the right to explore offshore blocks in the past year and a half, paving the way for big oil companies to invest in the country"s oil sector. Managing director of Australia's Pura Vida Energy said that 10 exploration wells will be drilled offshore in the next year and a half, compared to only nine wells in the past two decades. "That represents an investment of $500 million to $1 billion, and that is a big show of confidence from the industry," he said.