Writing for Forbes, energy reporter Christopher Coats remarks on last week’s announcement from Circle Oil that “gas had begun flowing from its first shale well”:
The shale development continues Morocco’s multi-year push towards broadening their energy base. The North African country currently depends on costly imports for virtually all of its oil and gas needs. Over the last five years, Morocco has initiated a series of new energy development projects, including both traditional hydrocarbon development and renewables, which Rabat hopes will someday provide a much larger share of the country’s energy mix.
Late last year, it was reported that after modest interest for much of the last decade, a number of larger oil and gas firms have arrived in Morocco in pursuit of the country’s mainly offshore potential. Joining smaller operators like San Leon Energy and Longreach Oil and Gas, energy majors have begun targeting the country’s potential reserves with more than 10 wells planned over the next year, according to a Bloomberg report – more than twice what the country has seen over the last ten years. Since January, BP, Chevron and Cairn have all announced new projects or buy-ins to existing efforts, despite the country’s lackluster history of viable oil and gas discoveries. [full story]