Morocco’s House of Representatives approved legislation Tuesday transforming the National Office of Hydrocarbons and Mines (ONHYM) into a joint-stock company, positioning the entity as a strategic lever capable of meeting international competition challenges. The majority-backed Law 56.24 represents the sector’s first major institutional reform since 2020.
Energy Transition and Sustainable Development Minister Leïla Benali explained the legislation enables ONHYM to better reposition within the national economy, strengthen its position in activity value chains, improve governance and performance, and diversify project portfolio financing sources. Emphasis focuses on asset valorization and resource development before progressively opening company capital to the private sector while maintaining the state as principal investor.
The reform follows creation of the National Agency for Strategic Management of State Participations (ANGSPE) and performance monitoring of public establishments and enterprises. Under the new law, ONHYM transitions from public establishment status to joint-stock company structure.
Key provisions include capital opening compliant with current legislation, establishment of the company’s geo-scientific information system, and conducting research and exploration work based on mining authorizations. The law also provides for governance structure improvements, possibilities for creating subsidiaries or taking stakes in private or public companies, and transferring ONHYM’s assets, rights, and obligations to the new company.
Majority groups praised the text for placing the energy sector at the heart of international transformations while accompanying national economic and social dynamics. They highlighted promising prospects in hydrocarbons and natural hydrogen requiring public policies promoting and attracting national and foreign investment, aligned with the new Investment Charter.
Opposition groups considered ONHYM’s transformation a reform tool rather than an end itself, aimed at improving performance and opening capital to the private sector while preserving state strategic sovereignty. They emphasized mobilizing required competencies and guaranteeing financial independence.
The transformation strengthens governance and increases efficiency for ONHYM, positioned to become an economic growth lever, parliamentarians concluded.
