British oil company makes biggest oil discovery in years just off the coast of Morocco

British oil company makes biggest oil discovery in years just off the coast of Morocco

Europa Oil & Gas, a British oil company has made one of the biggest oil discoveries in years just off the coast of Morocco.

The British company Europa Oil & Gas has just announced one of the biggest oil discoveries in recent years, found off the coast of Morrocco, just a hundred kilometres from the Canary Islands. Europe has identified a significant volume of oil equivalent to more than 1 billion barrels of oil in the Agadir basin, in the Inzegane permit.

In a performance review published online, Europa Oil & Gas stated: 

“Inzegane represents a high-impact exploration opportunity in a highly underexplored area of the world – complementing Europa’s strategy of building a balanced portfolio of assets.  Recent evaluation identified a significant volume of unrisked recoverable resources, in excess of 1 billion barrels (oil equivalent), in the top five ranked prospects alone. Morocco offers a highly attractive investment opportunity with excellent fiscal terms. Several major and mid-cap companies already hold acreage there, including ENI, Hunt, Genel and ConocoPhillips.”

The performance review continued: “The farm out initiative of our Inezgane Offshore permit in offshore Morocco launched during the period also paves the way for additional growth vis a vis a high-impact exploration opportunity in a highly underexplored area. This is a high potential exploration licence where we have already mapped unrisked prospective oil resources in excess of 1 billion barrels.”

Speaking on the future plans for the area after their findings the company stated: “We continue to advance our activity in offshore Morocco and look forward to reporting on progress ahead. With oil prices currently over US$100 a barrel, as a result of the recent geopolitical situation and the banning of Russian oil and gas by several countries – the focus for UK and European governments is now on sourcing alternative sources of fossil fuels, including a strong preference to increase domestic supply across EU and the UK.”

The Canary Islands Government have since issued an official response to Morocco oil prospecting concerns: Official Statement by Ángel Víctor Torres, the President of the Canary Islands.


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Written by

Joshua Manning

Originally from the UK, Joshua is based on the Costa Blanca and is a web reporter for the Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]

Comments


    • Jennifer

      21 April 2022 • 19:04

      This isnt a new discovery….I live in the canary islands and we all have known abpit this for years. It was off limits ….

      Reply

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