A recent article published by the Spanish news outlet El Economista explained that Morocco’s efforts to find crude oil in the Atlantic waters near its coast, close to the Canary Islands, are facing complex geology, quoting Jorge Navarro, Vice President of the Spanish Association of Oil Geologists and Geophysicists (AGGEP) and professor at the Polytechnic University.
The expert argued that “despite several companies resuming exploration activities in offshore areas, the outcomes have largely been disappointing.”
El Economista noted that reports of an oil field containing approximately 1.6 billion barrels off the coast of Agadir are only estimates, based on existing data compiled by Europa Oil & Gas, adding, “the company released an inventory in 2022, interpreting data it had previously gathered.”
The report stated that their goal was to generate interest among investors and companies to secure funding for drilling operations in the waters between Morocco and the Canary Islands.
However, continued the same source, some media outlets, both at the time and since, have published reports suggesting a significant oil discovery. But in reality, Europa Oil & Gas “hadn’t drilled any wells, and logically, until drilling occurs and crude is proven, you can’t speak of a true discovery.”
The VP of AGGEP underscored that “although recent results haven’t met expectations, interest in Morocco’s offshore exploration persists, driven by its potential and competitive fiscal environment.”
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