Europa launches Moroccan farm-out process
London-listed Europa Oil & Gas has kicked off its search for a farm-in partner at the Inezgane permit off the coast of Morocco, which it estimates could contain more than 2bn barrels of oil equivalent.
The junior explorer announced the formal launch of its farm-out process on August 3, saying it was offering "a high-impact exploration opportunity in a highly under-explored area of the world." The licence is on trend with major oil and gas discoveries off Africa's west coast, with reservoirs and source rocks in common with the prolific West African play, Europa said.
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"Morocco is a welcoming jurisdiction in which to operate and has excellent ESG credentials in the fields of wind, solar and hydroelectric with ambitions to source 50% of its electrical energy from renewable sources by 2030 as well as becoming a net exporter to Europe," Europa CEO Simon Oddie said in a statement.
Europa was awarded the 11,228-km2 Inezgane permit in November 2019 and operates it with a 75% interest. Morocco's state-owned ONHYM controls the remaining 25% interest. The permit covers a section of the offshore Agadir basin in waters mostly under 2,000 m deep. Europa has collected 6,200 km2 of 3D seismic data there, and has ranked Alpha, Charlie, Falcon, Turtle and Sandpiper as the permit's top prospects.