Rabat – Spanish oil and gas group Repsol is set to withdraw its hydrocarbon exploration operation from Morocco, Europa Press reported on Sunday.
According to the news outlet, the company seeks to reduce its presence in hydrocarbon exploration and production activities in four countries, including Iraq, Australia, Ireland, and Morocco.
A number of sources told Europa Press that Repsol’s decision is part of its Strategic Plan for 2021-2025.
The Spanish company launched the roadmap for its strategy in November 2020, suggesting plans to reduce the number of countries in which it operates from 26 to 14.
The company wants to reduce its presence in these countries in the next five years.
But Repsol also seeks to increase its presence in “key geographic areas, prioritizing value over volume and reducing emissions from its asset portfolio.”
In Morocco, the company received a 75% stake in the Gharb Offshore Sud Block. The area has a net surface of 7,26 square kilometers.
The company was also engaged in the marketing and distribution of lubricants through its commercial office.
Repsol has been working in Morocco since 2010, according to its website.
While Repsol considers leaving the Moroccan market in the coming months or years, the North African country continues to attract renowned international companies in the hydrocarbon fields.
Since 2018, 12 companies have been operational in different regions across Morocco in both offshore and onshore exploration.
As of JAnuary 2019, the list of hydrocarbon companies partnering with Morocco in exploration fields includes Beijing Forpetro Sino-Rig Company Limited, Chariot Oil & Gas Investments Limited, Petroleum Exploration Limited, SDX Energy Morocco Limited, among others.
Morocco’s National Office of Hydrocarbons and Mines (ONHYM) said in its 2018 annual report that 13 partners invested MAD 1.41 million ($157,931) in petroleum exploration in Morocco.
For its part, ONHYM invested MAD 31 million ($3.47 million) in exploration projects.
