Morocco Faces Major Setback in Energy Sector as Greek Firm Withdraws Investments

BY: Dr. Hana Saada

Algiers, Algeria | November 07th, 2024 — Morocco’s ambitions for energy independence suffered a significant blow as Energean, a prominent Greek energy company, announced its decision to withdraw from Morocco’s Anchois offshore gas project. According to Energean CEO Mathios Rigas, exploratory drilling conducted by the company yielded disappointing results, with gas quantities too sparse to meet Energean’s large-scale production standards.

The findings stand in stark contrast to Morocco’s expectations for the field, which the local media had previously promoted as a potential game-changer in reducing Morocco’s heavy dependence on gas imports.

Rigas noted that Morocco’s offshore deposits do not align with Energean’s operational goals and are better suited for smaller-scale companies. Consequently, Energean will redirect its efforts toward more promising and high-yield regions, including the Eastern Mediterranean, the Middle East, and Greece, which host extensive gas reserves akin to those in Algeria, Russia, Nigeria, and the United States.

Morocco imports the vast majority of its gas, consuming roughly 1 billion cubic meters annually to meet domestic needs. The recent revelation about the limited reserves in the Anchois field underscores the kingdom’s vulnerability in energy reliance and casts doubts on its ability to cultivate a self-sufficient gas sector. The Moroccan government has refrained from commenting on the actual gas reserves of the Anchois field, despite having previously touted its potential for reducing imports and strengthening national energy security.

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