Discovery of one billion barrels recoverable without risk

Last August, the geological works and the interpretation of the available data (geology, 2D and 3D seismic and old wells) made it possible to identify several prospects whose potential resources the company estimates at 2,000 million barrels, according to a statement from the National Directorate of hydrocarbons. and Office of Mines (ONHYM). On April 13, 2022, Europa Oil & Gas published its interim results of the exploration process for the six-month period ending January 31, 2022. They indicate that Inzegane represents a high-impact exploration opportunity in an area little explored world.

“A recent evaluation has identified a significant volume of safely recoverable resources, greater than 1,000 million barrels (oil equivalent), only in the five main classified prospects”, indicates the same source. That is equivalent to one hundred and seven billion dollars (USD) of oil wealth (estimated at USD 107, the price of a barrel of oil) which almost represents the GDP of Morocco, which in 2020 was USD 112.9 billion.

Europa Oil & Gas points out that Morocco offers a very attractive investment opportunity with excellent fiscal conditions. That said, caution should always be exercised with these types of ads with motivations as variable as they are nebulous. Especially since the final results have not yet been released, despite the fact that Simon Oddie, executive director of the British company had declared after obtaining the Inezgane research permit, that “Morocco is on the same geological line as the recent discoveries in West Africa in recent years,” making the potential even more promising.

What about other regions?

In a presentation on Wednesday before the Committee on Infrastructure, Energy, Mines and the Environment of the House of Representatives, the Director General of ONHYM, Amina Benkhadra, highlighted that the partners of the Office plan the mapping of 1150 km and 650 km2 of seismic 2D and 3D. and the drilling of 27 wells, including 4 offshore, between 2022 and 2024, according to the Bureau’s provisional exploration work program.

SDX Energy will drill 13 wells in onshore areas south of Lalla Mimouna, West Gharb, Sebou and West of Moulay Bouchta, as well as map 150 km2 of 3D seismic, while Bell and Forpetro will drill two wells in Haha.

For its part, Predator gas plans to drill 3 wells and map 200 km2 of 3D seismic, while Sound Energy will drill 5 wells in Anoual, Grand Tendrara and Sid L’Moukhtar, in addition to 300 km2 of 3D seismic and 500 km of 2D seismic, as well as obtaining the exploitation license for Tendrara and the construction of a small liquefied natural gas station.

In the offshore areas, Ms. Benkhadra said that Chariot Oil & Gas will carry out the processing and mapping of 1000 km of 2D seismic in Rissana, while Hunt Oil will undertake the drilling of a well in Mogador, Europa Oil and Gas d a well in Inezgane as mentioned at the beginning of the article, while ENI and Qatar Petroleum will carry out the drilling of two wells in Tarfaya.

In addition, ONHYM plans to reprocess and interpret 1,250km of 2D seismic in the Zag basin, he added.

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