Fastnet Oil & Gas has revealed that the Foum Assaka FA-1 well in the Agadir basin in Morocco encountered oil and gas shows and demonstrated a working system but commercial volumes of hydrocarbons were not found.
According to Fasnet managing director, Paul Grifiths, the FA-1 well has been drilled to total depth within budget.
Despite the disheartening news for the country’s oil and gas industry, the Minister for Energy Water and the Environment, Abdelkader Aamara together with Amina Benkhadra from the National Office of Hydrocarbons and Mines (ONHYM), during the opening session of the 2014 Morocco Oil and Gas summit that took place in Marrakech from May 7-8, conveyed optimistic views of the future of the industry.
34 companies are now operating in Morocco in the framework of 131 offshore and onshore exploration permits, in addition to five reconnaissance licenses and nine exploitation concessions.
Since last year, there has been an acquisition of 5451 square kilometers of 3D seismic data, 654 square kilometers of 2D seismic data, the drilling of three wells, and MAD 2.4 billion (US$294 m) in investments from ONHYM oil companies and this year, 27 wells have been drilled and the net worth of investments is estimated at around MAD 5 billion(US$ 611m).
