Morocco finds a treasure of 1,000 million barrels of oil near the Canary Islands
Morocco finds a treasure of 1,000 million barrels of oil near the Canary Islands. (Translation by Google Translate)
The British Europa Oil & Gas has announced the discovery in the Inzegane permit in the Agadir basin.
The British company Europa Oil & Gas has just announced one of the largest oil discoveries in recent years. And it has done so very close to Spain, on the coast of Morocco, a hundred kilometers from the Canary Islands .
Europe has identified a significant volume of more than 1,000 million barrels of oil equivalent in the Agadir basin , in the Inzegane permit .
And this is only an appetizer of what this area can become, since this discovery of recoverable resources without risk has been made with only five drillings. And the extension of the permit is more than 11,220 square kilometers . (To get an idea, see the map).
Europa O&G owns 75% of the permit and is the operator of Inzegane, while the Office National des Hydrocarbonures et des Mines (ONHYM ), ie the Moroccan State, owns the remaining 25%.
This announcement has been made by Europa O&G in its results report that was made public on the 13th.
If this number of barrels is taken into account, and at current prices, a business of more than 100,000 million dollars could be given, which is a figure similar to the entire GDP of Morocco.
"Morocco offers a very attractive investment opportunity with excellent tax conditions," says the company. Other companies such as ENI or Conoco have already established themselves there.
More drilling near the Canary Islands
The discovery of Europa O&G in Inzegane is the first stone of a great plan that Morocco wants to develop in its waters to produce oil and gas.
For this, several licenses have already been given to drill. Specifically, ENI and Qatar Petroleum will carry out an investigation in one well each in Tarfaya, very close to the islands of Lanzarote and Fuerteventura.
This announcement by Morocco has raised blisters in the Canarian Government.
And it has just been done a few days after Pedro Sánchez announced the transfer of Western Sahara to Morocco, in a gesture that has generated much controversy.
In addition, Morocco has given onshore drilling permits to companies such as Sound Energy , Predator Oil or SDX Energy.
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