Experts Debunk Claims of Major Oil Discovery Off Moroccan Coast

The announcement of this "false discovery" is not new, as it dates back to 2022, says Jorge Navarro, vice-president of AGGEP (Association of Spanish Oil Geologists and Geophysicists) and professor at the Polytechnic University, to elEconomista.es. According to him, "there has never been a discovery, which we have already clarified at the time within AGGEP." According to his explanations, everything stems from a misinterpretation of figures relating to prospective resources (i.e. not discoveries) provided by the British company Europa Oil & Gas, holder of the Inezgane permit off the coast of Agadir (Morocco).

This alleged oil discovery that has been circulated in the Spanish and Moroccan media revolves around a document prepared by Europa Oil & Gas to find a financial partner for the drilling of an exploration well on the Inezgane permit, located in the offshore waters of Morocco, off the coast of Agadir. "This type of document, known in oil jargon as a farm-out, is used to offer the sale of a stake in a permit to other companies," further explains Professor Jorge Navarro.

The volumes of prospective resources (i.e. still undiscovered) corresponding to the 5 prospects which, according to this assessment, had the