Europa Oil & Gas, a company listed on the London Stock Exchange, has announced the discovery of a large oil reserve close to one billion barrels in the offshore area adjacent to Agadir. The discovered resources are recoverable without risk, specifies a press release from the company.

According to a press release from the British company that operates the Inezgane offshore zone, the initiative to lease the Inezgane Offshore exploration permit, located in the Agadir basin, launched last August, led to the discovery of a significant volume of resources safely recoverable, which exceeded 1,000 million barrels (oil equivalent), only in the top five classified prospects. According to Europa Oil & Gas, Inezgane represents a high-impact exploration opportunity in an “underexplored area of the world.”

The value of this wealth discovered in Inezgane exceeds $100 billion, or almost the kingdom's GDP, standing at $112.9 billion in 2020, according to the World Bank.

Being the operator of the large Inezgane permit, Europa Oil & Gas owns 75% of the offshore zone, while the National Office of Hydrocarbons and Mines (ONHYM) owns the remaining 25%. This area covers an area of 11,228 km² in the Agadir basin and is located at water depths of 600 meters to 2,000 meters.

In a presentation last Wednesday before the Infrastructure, Energy, Mines and Environment Committee of the House of Representatives, the general director of ONHYM, Amina Benkhadra, highlighted that the company SDX Energy will drill 13 wells on land south of Lalla Mimouna, Western Gharb, Sebou and west of Moulay Bouchta, while Bell and Forpetro will drill two wells in Haha.

For its part, Predator gas plans to drill 3 wells, while Sound Energy will drill 5 wells in Anoual, Grand Tendrara and Sid L'Moukhtar, just as it has obtained the exploitation authorization for Tendrara and the construction of a small gas station natural liquefied.

In the offshore areas, Benkhadra announced that Hunt Oil will drill a well in Mogador, while ENI and Qatar Petroleum will drill two wells in Tarfaya.

Source: TelQuel