Europe

The Spanish press echoes a discovery in Morocco

ProDentim

The Spanish media have echoed, in recent days, an important discovery announced by the company Europa Oil & Gas off Inezgane. The British company claimed to have identified “a significant volume of risk-free recoverable resources exceeding 1 billion barrels, in the first 5 prospects only”.

Immediately after this announcement, Spanish media, particularly in the Canary Islands close to the sites where the discoveries were made, spoke of a certain “threat” to Spain’s interests in these waters which, as a reminder, are part of the Moroccan maritime space. Morocco was lucky to make this important discovery, wrote the Spanish newspapers which wonder how the company “Repsol”, which had carried out oil exploration activities in nearby areas between 2001 and 2014 without success. “We are closely monitoring any activity that may affect Spain’s interests in the waters under its sovereignty or jurisdiction,” said the diplomatic sources quoted by the ABC news site. Let us recall Morocco’s efforts in the field of oil and gas exploration, the Spanish press indicates that this discovery is of major importance, particularly in a global context of unprecedented rise in the price of petroleum products.

According to a press release from the company operating the Inezgane offshore zone, the initiative to lease the Inezgane Offshore exploration permit, located in the Agadir basin, carried out last August, led to the discovery of a volume of safely recoverable resources, exceeding 1 billion barrels (oil equivalent), in the five main classified prospects only. According to Europa Oil & Gas, Inezgane represents a high-impact exploration opportunity in an “underexplored area of ​​the world”.

As a reminder, the British oil and gas exploration company, Europa Oil & Gas has obtained a farm-out agreement for the Inezgane offshore permit located in Agadir. This license was awarded to the company in 2019.



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