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Casablanca – Europa Oil & Gas, a British exploration and production company, has announced the discovery of a large amount of offshore oil in Inezgane, an offshore area adjacent to Agadir, southwestern Morocco.
“A recent evaluation has indicated a considerable amount of securely recoverable resources in excess of 1 billion barrels (oil equivalent),” Europa Oil & Gas said in its 2022 annual report.
The report, which was published on April 13, sums up the results of the company’s discoveries in the six-month period that ended on January 31, 2022.
The value of this wealth discovered in Inezgane exceeds $100 billion, which is close to the kingdom’s GDP, reaching $112.9 billion in 2020, according to the World Bank.
According to Europa Oil & Gas, Inezgane represents a high-impact exploration opportunity in an “underexplored area of the world.”
Europa Oil & Gas, as the operator of the enormous Inezgane permit, owns 75% of the offshore region, while the Office National des Hydrocarbures et des Mines (ONHYM) owns the other 25%.
This oil region in the Agadir basin encompasses an area of 11,228 km2 and is found in water depths ranging from 600 meters to 2,000 meters.
Last August, geological surveys and estimates by the company identified several potential oil sites across Morocco that Europa Oil & Gas predicted could fill two billion barrels, according to the company’s 2021 report.
Based on its exploration results, Europa Oil & Gas noted that Morocco offers a very attractive investment opportunity with excellent fiscal conditions for investors.
In August 2021, Europa Oil & Gas announced the acquisition of a permit to drill for oil offshore of Inezgane near Agadir.
Parallel development projects
The Director-General of ONHYM, Amina Benkhadra, stressed in a Wednesday presentation before the House Committee on Infrastructure, Energy, Mining, and Environment that the company SDX Energy will carry out the drilling of 13 wells in the land areas south of Lalla Mimouna, Western Gharb, Sebou and west of Moulay Bouchta, while Bell and Forpetro will carry out the drilling of two wells in Haha.
Predator Oil & Gas intends to drill 3 wells and map 200 km2 for oil procurement, while Sound Energy aims to dig 5 wells in Anoual, Grand Tendrara, and Sid L’Moukhtar, Benkhadra said. She further noted that Sound Energy has also obtained the authorization to operate Tendrara and build a small station for liquefied natural gas.
In the marine sector, Benkhadra stated that Hunt Oil would be in charge of drilling a well in Mogador, while ENI and Qatar Petroleum will drill two wells in Tarfaya.
The ONHYM said these projects include four offshore wells to be dug between the years 2022 and 2024.
