Morocco: the story of a false oil discovery revealed

Reports that a large deposit containing 1 billion barrels of oil, enough to cover all of Spain’s oil demand for two years and Morocco’s for almost 15 years, has been discovered off the coast of between the kingdom and the Canaries, are false.

The announcement of this “false discovery is not new, since it dates from 2022, assures elEconomista.es Jorge Navarro, vice-president of AGGEP (Association of Spanish Petroleum Geologists and Geophysicists) and professor at the Polytechnic University. According to him, “there was never a discovery, which we already clarified at the time within the AGGEP”. According to his explanations, everything was born from a misinterpretation of figures relating to prospective resources (i.e. no discoveries) provided by the British company Europa Oil & Gas, holder of the Inezgane permit off the coast of ‘Agadir (Morocco).