Oil is a true obsession for many emerging or developing countries that seek to give a boost to their economy through the discovery of this precious raw material. The success of some nations that have managed to fulfill this dream, such as the case of little Guyana, further reinforces this desire. A good example of this is the case of Morocco, where a genuine exploratory effort is underway in waters that bathe the coasts of the African country and the Canary Islands. Although no important discoveries have been made to date, The potential of the area is well knownwhich is leading Morocco and different private companies to accelerate exploratory activities to try to find the so-called ‘black gold’ and give greater impetus to an economy in full transformation.
Thus, in the waters of the Atlantic, off the coast of Morocco and very close to the Canary Islands, a silent but crucial battle is being waged to unravel the secrets of the deep sea. Oil exploration in the Maghreb country, despite its history of disappointments, continues to attract attention from energy giants and independent explorers. “Although recent results have not met expectations, interest in Moroccan offshore exploration persists, supported by its exploratory potential and a competitive fiscal environment,” says Jorge Navarro, vice president of the Association of Spanish Petroleum Geologists and Geophysicists (AGGEP). ) and professor at the Polytechnic University.
The ‘false discovery’ of oil
One of the most notable movements in the media could be seen in 2022, although the aftershocks have extended to the present day with the publication of news about an oil field with about 1.6 billion barrels of crude oil on the coast of Agadir (Morocco). However, these were only calculations based on pre-existing data collected by Europa Oil & Gas. This firm limited itself to carrying out and publishing in 2022 an inventory of possible prospects, reinterpreting the data that already existed.
The objective of this firm was to generate interest among investors and companies to finance the drilling of an exploration well in lhe waters found between Morocco and the Canary Islands. However, some media outlets, both then and now, published news and reports that spoke of a major oil discovery. But the truth is that Europa Oil & Gas had not drilled any well, and logically, until an exploration well is drilled and the presence of crude oil is proven, one cannot speak of a discovery.
Although in that case the information was misinterpreted, The truth is that activity in Moroccan waters continues. Jorge Navarro points out in statements to elEconomista.es that “in recent years, several companies have resumed exploration activities in the offshore areas of Morocco… However, the results have been mostly disappointing, largely due to complex geology“.
A frenetic activity
The well Cinnamon-1drilled in December 2023, It represented the first offshore exploratory attempt in Morocco in five years. Led by a consortium formed by Eni (45%, operator), Qatar Energy (30%) and the state-owned ONHYM (25%), the project focused on Jurassic carbonates, a formation that had given hope in past decades.
“Using the platform jack-up Topaz Driller, located in a 100 meter water depth, the main target of the well was the Jurassic carbonates, in which heavy oil was tested in the late 1960s in the non-commercial Cap Juby field, the only significant oil discovery in the offshore of Morocco to date“explains Navarro. However, the result was discouraging: Cinnamon-1 did not meet expectations, and the Tarfaya exploration permit area, where the well had been drilled, was renounced.
On the other hand, the Anchois-3 appraisal well, drilled in August 2024 in the Anchois gas discovery, originally carried out by Repsol in 2009 in the Lixus license, has shown lower than expected results. Led by Energean (45%, operator) together with Chariot (30%) and ONHYM (25%), this project raised hopes at a time of high gas demand. However, the results of this latest well have been below expectations (I wouldn’t call them disappointing). “Although multiple levels of gas-saturated sands were confirmed, these turned out to be thinner than expected, and some levels of the reservoir showed high water saturation,” Navarro details. Currently, technical and economic evaluations are being carried out to determine the future of the project, while in the neighboring exploration license, Rissana, no significant activity has been reported.
Despite these disappointments, Morocco remains a magnet for energy investment. Companies such as ExxonMobil, which signed exploration contracts in July in the Agadir-Ifni Offshore (109,246 km²) and Safi-Essaouira Offshore (20,819 km²) blocks, are betting on the country. Meanwhile, Genel Energy (75%, operator) is looking for partners to drill in the promising Lagzira block, and other operators such as Hunt Oil (75%, operator) maintain its exploration project active in the Mogador Offshore block.
“He offshore of Morocco continues to attract interest due to its promising exploratory potential, despite recent disappointments. Furthermore, its attractive fiscal environment and the support of the National Office of Hydrocarbons and Mines of Morocco (ONHYM) continue to be key factors that facilitate and promote exploration,” concludes Navarro.
Between ephemeral successes and promises yet to be fulfilled, the coasts of Morocco remain a place where the oil industry pursues a dream of wealth and energy, trusting that the depths still hold secrets to be revealed.
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