Morocco Set to Tap Vast Gas Reserves, Reducing Coal Dependence and Imports

In the latest report from GlobalData, a data analytics and consulting firm based in London, it is indicated that Morocco will not delay in releasing its gas potential, the company said, specifying that according to the "Morocco Exploration & Production" study, the kingdom has nearly 700 billion cubic feet of reserves in the developments announced to date.

Thus, in a press release citing analyst Santiago Varena, the company stated that "productive growth should materialize with the launch of the first phase of Tendrara, which plans to supply gas volumes by mid-2022. The Offshore Anchois field, discovered in 2009, is expected to start production in 2024 and will be the largest gas development undertaken in Morocco".

In recent years, the operator in charge of the Anchois site, Chariot Oil & Gas, has weighed heavily to convince investors to finance this project. Thus, Africa Finance Corporation and a multinational investment bank are ready to sign a memorandum of understanding with the Moroccan Ministry of Energy for the sale of gas.

However, "Morocco has failed to develop its main gas discoveries to date, mainly because oil has been the preferred resource over gas. But, with the recent emphasis on gas, an attractive fiscal framework and strong domestic demand, international operators are pushing hard to develop the country’s resources," said Santiago Varela.

In addition, "while the profitability of the Tendrara and Anchois projects seems tempting, it is not yet clear whether the current operators will be able to finalize the financing necessary for the development of the fields. Securing capital is the last hurdle on the path to unlocking the country’s gas resources," GlobalData stressed in its press release.