Europe Oil & Gas en busca de petróleo en Marruecos

Last week the British company specialising in oil and gas exploration, Europe Oil & Gas, announced the official launch of the assignment of rights agreement for the Inezgane offshore permit located in Agadir. This permit was awarded to the British company in 2019, and covers an area of 11,228 km2. It should be noted that this licence is 75% owned by Europa Oil & Gas and 25% by the Office national des hydrocarbures et des mines (ONHYM).

According to the company, the exploration could have a "significant" volume of oil resources, in excess of 2 billion barrels, "in the first five classified prospects alone". The company describes it as a "high-impact exploration opportunity in a largely unexplored area" while noting that the acreage is on the same geological trend as the major oil and gas discoveries along the west coast of Africa.

Europa Oil & Gas also points out that Morocco offers excellent fiscal conditions with low tax collection. Europa CEO Simon Oddie said: "We are delighted to announce the launch of the farmout of the Inezgane licence, which represents not only a high impact exploration opportunity for Europa, but also sits comfortably within the company's strategy of creating a balanced portfolio of complementary assets.

"Morocco is a welcoming jurisdiction in which to operate and has excellent ESG credentials in the fields of wind, solar and hydro with the ambition to source 50% of its electricity from renewable sources by 2030 and become a net exporter to Europe," he added in a press release issued by the company.

According to Challenge.ma, this project encompasses 30 prospects, almost 10 billion barrels of secure resources, a wide range of acreage types and capture styles, as well as direct hydrocarbon indicators.