Morocco's national hydrocarbons and mining office has announced plans to invest 9.21 billion dirhams ($1 billion) in oil and gas exploration from 2026 to 2031. The investment will be primarily funded by partners, with a contribution of around 8.38 billion dirhams, while the office will provide 829 million dirhams. This investment model is similar to 2025, when 395 million dirhams were invested in oil exploration, with 370 million dirhams coming from partners.
The office operates with eleven companies on a perimeter of 107,871 square kilometers, consisting of ten onshore permits, thirty offshore permits, two sea recognition authorizations, and three exploitation concessions. In 2025, nineteen agreements were signed, and one onshore exploration well was drilled. The country's gas reserves in the Gharb basin are depleting, with production indicators declining.
The office's deliveries of gas decreased by 21% in 2025 to 20.14 million normal cubic meters, and condensate deliveries fell by around 10% to 1,729.76 tons. However, the Maghreb-Europe gas pipeline, operated by OUMCO, transported around 890.1 million cubic meters, a 7.9% increase.
Despite a 6% increase in revenue to 507.5 million dirhams, the office's net result fell from 95.55 million to 2.77 million dirhams. The office forecasts 634 million dirhams in revenue and 85 million dirhams in net result for the current year, with 386 million dirhams in investments, compared to 636 million dirhams in the finance law.
The mining sector also mobilizes significant resources, with over 7,000 square kilometers explored in 2025 for 724.5 million dirhams, financed 87.25% by partners. Fifty projects are planned from 2026 to 2028, including twenty-seven proprietary projects and twenty-three partnership projects focusing on precious and strategic metals, natural hydrogen, and geological energy storage.
The office's transformation into a joint-stock company was formalized with the publication of law 56.24 on June 15. Additionally, Morocco is involved in the African Atlantic gas pipeline project with Nigeria, spanning 6,800 kilometers and aiming to transport 30 billion cubic meters per year to thirteen countries, with first deliveries expected around 2031.
The dependence of the program on partner financing, accounting for nine-tenths of the investment, makes it an engagement whose execution remains suspended to the appetite of international operators for the Moroccan mining domain. The project's implementation relies heavily on the interest of foreign investors in Morocco's mining sector.
Key points
- Morocco plans to invest $9.21 billion in oil and gas exploration from 2026 to 2031.
- The country's gas reserves in the Gharb basin are depleting.
- The office's transformation into a joint-stock company was formalized with the publication of law 56.24 on June 15.
