Junior energy firms to continue to lead hydrocarbons exploration in Morocco

Al-Monitor Pro Members

Francisco Serrano

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.