The discovery of oil in Morocco, the only North African country so far without black gold, is causing the greatest social and economic upheaval in the country since it gained independence in 1956.
This important field will be located in Inezgane, not far from Agadir. The British company Europa Oil & Gas has obtained the farm-out agreement and is now looking for partners, in addition to the National Office of Hydrocarbons and Mines (ONHYM).
The potential is enormous and represents about fifteen years of Morocco's total energy consumption. Indeed, the Inzegane licence represents "a significant volume of oil resources, exceeding 2 billion barrels, in the first five classified explorations alone", reports Médias24.
This figure has been presented by the British company, which has just obtained and officially launched the farm-out agreement for this offshore licence. The licence represents "a high-impact exploration opportunity in a largely unexplored region of the world", says the company, which notes that the licence "shares the same reservoirs and source rocks as major oil and gas discoveries offshore West Africa".
Europa Oil & Gas has also announced that it is seeking partners for this licence, which was awarded to it in September 2019 and covers 11,228 sq km, notes Ecofin. It should be noted that this licence is 75% held by Europa Oil & Gas and 25% by the Office national des hydrocarbures et des mines (ONHYM).