• Energy Demand ▲7%/yr
  • $10.7bn annual energy bill
  • Net importer:
    1. 91% Gas, 99% Oil
    2. 2nd largest importer in Africa
  • 115 Exploration Permits
  • 25 International E&P’s active
  • 2010: 12 wells, 8 discoveries
  • 2009: 9 wells, 7 discoveries
August 29, 2014
Q2 2014 Financial Statements
August 29, 2014
Q2 2014 MD&A
July 04, 2014
Corporate Presentation June 2014
“Energy demand in Morocco will have doubled by 2020, and tripled by 2030”
said Amina Benkhadra, Minister of Energy, Mines, Water and Environment.” – 19th January 2011

Why Morocco

Download PetroMaroc's report on Energy consumption in Morocco

Country Statistics

  • Size: 710,850 km2
  • 2012 Population: 32,309,239

Hydrocarbon Potential

Political & Economic Stability

  • Political Stability
    Only North African political regime unaffected by Arab Spring
    Constitutional Monarchy
    Democratically elected government
    Low political & security risk forecast (Source: Control Risks)
  • Rapid Economic Growth
    4.4% CAGR GDP growth  (2005-2010)
    Foreign investment of US$45 billion in 2011,
    4 times higher than in 2001
    Fitch rating BBB-, Stable Outlook

Source: CIA, Reuters, Fitch, Control Risks

ENERGY FUNDAMENTALS

Strong Domestic Market

  • Energy bill of US$10.7 billion in 2011
  • One of Africa’s largest energy consumers
  • Energy demand +54% over last 10 years
  • 33 million population
  • Key energy users: Residential, Industry, Phosphate Mines, Agriculture

Undersupplied

  • Africa’s 2nd largest importer
  • One of Africa’s largest energy consumer
  • Morocco imports 99% of oil, 91% of gas
  • No stranded reserves

ECONOMICS & FISCAL TERMS

Morocco is one of the most fiscally favourable countries worldwide to explore

Fiscal incentives

  • 25% State participation
  • Royalty: Oil 10%, Gas 5%
  • 10 year corporate tax holiday on discovery

What this means…

  • Producing 1bbl of Oil in Morocco is equivalent to
  • 13bbl in Algeria
  • 7bbl in Nigeria

EXPLORATION ACTIVITY

Underexplored

  • Current well density of just 0.06wells/100km2 vs. estimated global average of 2 wells/100km2
  • 3,500km of coastline, only 31 wells drilled offshore
  • Many sedimentary basins remain sparsely explored
Exploration activity on the increase
  • 12 times more exploration permits than in 1997


WTI Crude Oil 81.12 -1.33%

Brent Crude Oil 86.24 -1.02%

Natural Gas 3.83 +1.02%

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