By Joshua Manning • Updated: 21 Apr 2022 • 14:18
British oil company makes biggest oil discovery 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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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 editorial@euroweeklynews.com.
This isnt a new discovery….I live in the canary islands and we all have known abpit this for years. It was off limits ….
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