Oil discovered in the Atlantic off coast of Morocco

There are clear indications that oil has been discovered off the coast of Sidi Ifni, a city in southern Morocco, the National Office of Hydrocarbons and Minerals revealed.

According to a statement, this discovery was made with the help of three oil companies: Genel Energy, Serica Energy and San Leon. The oil was detected on October 16 and is said to be located 59 kilometres off the coast of Sidi Ifni. Exploration projects began in the area last July.

The bureau went on to explain that a series of tests will be conducted on the quality of this petroleum in order to determine how valuable it is.

Genel Energy said it had discovered oil which was more than 3,000 metres deep in the Atlantic Ocean near Sidi Moussa, a city near Salé in southern Morocco.

Abdelkadir Amara, the Minister of Energy, Mines, Water and the Environment in Morocco, told the Anadolu Agency that the government is on the verge of discovering important oil reserves within the coming two years. He stressed that they will expedite the drilling process in 2015 with the hopes of developing a large number of wells in 2016.