Junior energy firms to continue to lead hydrocarbons exploration in Morocco
Al-Monitor Pro Members
Journalist and analyst specialized in North Africa
Feb. 17, 2023
As a result of the war in Ukraine and higher oil and gas prices, Morocco spent an additional Dh 77.7 billion ($7.5 billion) on energy imports in 2022 compared to 2021. The absence of sizable domestic hydrocarbons discoveries and competition from resource-rich neighbors Algeria and Libya, have kept oil majors at bay, leaving most exploration efforts to junior firms. However, recent gas finds are set to give domestic production a boost and help mitigate the costly dependence on energy imports. But authorities also hope that higher prices and favorable legislation will attract new investors.
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