Proactive Investors UK
By Jamie Ashcroft
“Going forward, the key exploration challenge is finding reservoirs of commercial size and quality.”
20%-owned Cap Boujdour exploration well offshore Morocco is to be plugged and abandoned after making a non-commercial discovery.
The CB-1 well encountered 14 metres of net gas and condensate pay over a 500 metre gross reservoir interval, according to project operator Kosmos Energy. (more…)
London South East
Cairn Energy PLC on Monday said the CB-1 exploration well in the Cap Boujdour permit area offshore Western Sahara will be plugged and abandoned after finding non-commercial hydrocarbons.
The FTSE 250-listed oil explorer, citing a report from US-based Kosmos Energy, the operator of the permit, said the well encountered hydrocarbons but that the discovery is non-commercial and will be plugged and abandoned. (more…)
From Business Islamica
Most Moroccan banking players indicate an interest in the opportunity but don’t have a strong command of relatively complex market.
Culturally… they associate Islamic banks to nonprofit institutions, which is obviously not the case
70% Murabaha products in the Middle East
What is your point of view on the development potential of the Islamic finance in Morocco? (more…)
By Ghita Tadlaoui
Over the past decade, Morocco has tried to diversify its traditionally northern-oriented foreign relations southwards. Developing closer economic and political relations with Sub-Saharan African countries, Rabat hoped, would help raise Morocco’s regional profile and boost the Kingdom’s exports. Hassan II, the father of the current King Mohammed VI, started (more…)
Proactive Weekly Oil And Gas New Summary – Gulf Keystone Petroleum, Petroceltic And Providence Resources
As crude prices remain depressed, it was a busy and significant week for the sector. Here are some standouts.
Gulf Keystone (LON:GKP) shares advanced as the Kurdistan focused oil firm put up the for sale sign.
The company revealed this week it was in talks with potential buyers, though the process was said to be preliminary and no indicative deal terms were revealed.
GKP is facing a potential funding gap. It has in excess of US$300mln of convertible debt which is currently out-of-the-money and visibility over future revenues is poor. (more…)
The Associated Press
Morocco saw a six-fold increase in the amount of money foreign film companies spent in the country to make movies, the head of the film commission said Saturday.
On the final day of the National Film Festival in Tangiers, Sarim Fassi-Fihri said that 38 foreign productions had spent a record $120 million in 2014.
The figure is more than the last five years put together. Foreign film companies spent only $22 million in 2013. (more…)
The Daily Star
Four years ago, I addressed the Mediterranean Commission on Sustainable Development in Montenegro, to present an Arab perspective on regional priorities. This was at the onset of the Arab uprisings that started in December 2010. At that time, we hoped that what was referred to as the “Arab Spring” would usher in a new direction for economic and environmental sustainability. However, the prospects for both were not good at the time. And today the situation is gloomy at best, and in many instances nearer to chaos. (more…)
Christopher Coats, Contributor
Morocco announced plans to continue its push for energy diversification with an effort to increase liquefied natural gas imports over the next five years, including a new terminal in the town of Jorf Lasfar worth $4.6 billion, according to local media reports. While initially reported at the end of last year, Energy Minister Abdelkader Amara has now said that the project is attracting viable attention from foreign investors.
“I have made contacts with Qatar, now I am waiting to hear from them. I am also planning a roadshow to Russia and United States,” Amara said, according to Reuters. “I (more…)
Contact: Jennifer Michels (firstname.lastname@example.org)
ASTA – American Society for Travel Agents
The American Society of Travel Agents (ASTA) held a signing ceremony here today with Abderrafih Zouitene, CEO of the Moroccan National Tourist Office, and other dignitaries and press from Morocco to officially announce the location chosen for ASTA Destination Expo 2015 (ADE-15) is Marrakech. (more…)
by Ali Jaafar
Two crew members working on NBC’s drama Odyssey have been attacked and hospitalized while filming in Morocco, Deadline has learned. A first assistant director and make-up artist were leaving a restaurant late at night near their apartment in Marrakech Plaza when a group of youths attempted to rob them. When the crew members defended themselves, a fight is believed to have broken out, leading to injuries that required medical treatment. (more…)
Morocco has rejected accusations by Amnesty International regarding torture and ill-treatment of detainees in Moroccan prisons.
In a Wednesday statement, the inter-ministerial delegation for human rights said that Amnesty’s report “does not reflect the status of human rights” in Morocco.
It said that the report was based on “mere allegations” and “one-sided sources.”
In its annual report on Wednesday, the rights group accused the Moroccan authorities of torturing and mistreating detainees. (more…)
FCC Chairman Tom Wheeler says that under new rules, Internet service providers must act in the “public interest.” (AP)
The Federal Communications Commission for the first time classified Internet providers as public utilities Thursday, a landmark vote that officials said will prevent cable and telecommunications companies from controlling what people see on the Web.
The move, approved 3 to 2 along party lines, was part of a sweeping set of new “net neutrality” rules aimed at banning providers of (more…)
Morocco’s gradual approach to political reforms and democratization stands as a “success story” in the Arab World, said the Brookings Institution in a recently published paper.
“Morocco has so far been a success story in the Arab world. It has followed a gradual approach to political reforms and democratization, which led to the adoption of a new constitution and the holding of free parliamentary elections in 2011,” said the renowned US think tank.
In the same vein, the paper notes the need for maintaining this record of success through continued political and economic reforms. (more…)
Morocco’s Interior Ministry has announced a ban on the import of drones and remote-controlled flying objects in general, citing security concerns.
The statement Wednesday said the ban had taken effect two days earlier and was due to threats to security and property and the invasion of privacy. There have been no reports of drone incidents in the country.
Reuters Middle East
Moroccan government is proposing a draft law that gives the country’s central bank much more independence and prepares it for major financial reforms and a more flexible currency exchange system.
The North African kingdom is set to allow the creation of Islamic banks and enable private firms to issue Islamic debt, after parliament approved and Islamic finance bill last November.
It also released a decree to create a sharia board of Islamic scholars to oversee the country’s fledgling Islamic finance industry. (more…)