British -Turkish oil exploration company, Genel Energy, “confirmed” the presence of oil at the Juby Maritime 1 license between Tan-Tan and Tarfaya, but has yet to say if the oil discovered is commercial or not.
A statement from the company read:
“We started our first offshore drilling in January 2014. Currently, we are at a depth of 3,100 meters at the well Cap Juby . It remains to be drilled 600 meters to reach our target depth. So far, we have confirmed the presence of oil in this area,”
Genel Energy CEO Tony Hayward added:
“We started our exploration program in Africa with a first drilling high impact in Morocco. The potential wells in southern Morocco are around 900 million barrels of oil. Further drilling of wells will follow this year in Morocco and we are targeting substantial oil reserves, ”
As soon as the company finishes drilling the remaining 600 meters, it is expected to explicitly indicate if the oil discovered meets commercialization guidelines.
Let’s hope for the best.
The Moroccan Times.
