Massive Oil Discovery off the Moroccan Coast… Does It Pave the Way for a New Phase in the Energy Sector?
Spanish media recently revealed that the British company “Europa Oil & Gas” announced the discovery of a massive oil field off the southern coast of the Kingdom of Morocco, amid anticipation that this discovery could mark a turning point in the country’s energy landscape.
According to the Spanish newspaper Ecoticias, the oil reserves of this field extend over a maritime area estimated at approximately 11,228 square kilometers, including the coasts of the cities of Tarfaia, Sidi Ifni, and Tantan, with estimates confirming the presence of nearly one billion tons of extractable oil on the Inzegane coast near the city of Agadir.
The estimates reported by the same newspaper indicate that the financial value of these resources could reach around $107 billion, based on the current oil prices estimated at approximately $107 per barrel.
Regarding the distribution of shares, the British company owns 75 percent of the potential production of the field, while the remaining 25 percent belong to Morocco. Morocco had granted the company exploration licenses in this area since 2019, allowing it to commence field operations in August 2021.
Observers believe that this discovery, if its economic and technical viability is confirmed, could significantly support Morocco’s ambition to enhance its energy security and establish the foundations of a local industry capable of making a qualitative shift in the national economy. While awaiting further studies and technical reports, both Moroccan and international public opinion are keenly anticipating the outcomes of the upcoming steps in a project that could redraw the energy sector map in the Kingdom.
