Morocco Oil and Gas Exploration and Production Market Volumes and Forecast by Terrain, Assets and Major Companies, 2021-2025
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Morocco’s total gross crude oil and condensate production capacity in 2020 was valued at 71 barrels per day (bd) and is projected to grow at a CAGR of more than 4.5% by 2024. The country’s energy industry is dominated by onshore crude oil and condensate production from Meskala and Tendrara. Despite not being a major producer, Morocco’s oil and gas resources have been produced onshore since the mid-1960s. There have also been successful offshore discoveries, some of which have huge potential for the country, however, so far, they have not been developed. The country’s main hydrocarbon resource is natural gas and GlobalData estimate that there are approximately 740 billion cubic feet of gas reserves remaining in production and upcoming developments. In 2020 Morocco is expected to produce 8 million cubic feet per day (mmcfd) down from 9 mmcfd in 2019. The 2020 crude and condensate production sits at 71 barrels per day (bd) down from 78 bd in 2019.
Overview of Morocco crude oil and condensate production
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What are the market dynamics in Morocco’s exploration & production sector?
The outlook for Morocco’s hydrocarbon production is promising. Productive growth should materialize with the launch of the first phase of Tendrara, which expects to provide gas volumes by mid-2022. The second phase, which includes the construction of a 120 km pipeline, is expected to be launched in 2025 increasing production to the expected plateau levels at 50 mmcfd. The first offshore development, Anchois discovered in 2009, is expected to produce its first gas in 2024. The project will require an investment of approximately $380 million and will undoubtedly be the most important contribution to the Moroccan gas market.
The primary hydrocarbon resource is natural gas, and the country is forecast to see a growth in gas production from 2021 to 2024. The increase in domestic gas production aligns with the country’s ambitions for more gas power in its generation mix. Morocco’s domestic gas production is currently not sufficient to meet its demand, this means it needs to import gas from Algeria. This is the main reason why the country is offering not only a very suggestive holiday tax for new developments but also very attractive prices compared to benchmarks in the region, being $8/mcf for power generation and around $10/mcf for the industry.
Morocco has struggled to develop its major hydrocarbon discoveries, mainly due to the fact that oil has been the preferred resource over gas. For instance, the discovery of Anchois in 2009 by Repsol was put aside due to the high prices of crude that disincentivized investments for gas discoveries. But now, with the world turning to gas, interest in exploration and development is returning to the country. SDX Energy is the only company actively exploring Morocco at present, the last campaign resulted in two successful wells, OYF-2 and BMK-1, which extended the development of the field to the north. The company is also seeking to accelerate a four-well campaign in mid-2021 that will develop the potential of the OYF area. Chariot, meanwhile, is focusing on rapidly developing Anchois, for this they will re-enter Anchois-1 and drill an additional well in 2024, leaving for the future scheduled explorations for the existing satellites in the block.
What are the key categories of Morocco’s crude oil and natural gas production?
By terrain, the crude oil and natural gas production in Morocco are categorized into onshore and deepwater. The onshore category accounted for the largest share of crude oil and natural gas production, in 2020. The major assets in Morocco’s crude oil and condensate production include Meskala and Tendrara. Similarly, the major assets of Morocco’s marketed natural gas production include Sebou and Oulad N’Zala), Meskala, Anchois/Tanger Larache, and Tendrara.
Morocco exploration & production sector, by type
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Who are the major players in the exploration & production sector in Morocco?
The major crude oil and condensate players in Morocco are Office National des Hydrocarbures et des Mines and Sound Energy Plc. The major natural gas producers in Morocco include SDX Energy Inc, Office National des Hydrocarbures et des Mines, Sound Energy Plc, Chariot Oil & Gas Ltd, and Circle Oil Plc.
Morocco natural gas sector, by key players
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Market report scope
Market Production (Year – 2020) | Crude oil and condensate production: 71 bd
Natural gas production: 8 mmcfd |
Growth | Crude oil and condensate production: CAGR >4.5% during 2021-2024
Natural gas production: CAGR >25% during 2021-2024 |
Base year for estimation | 2020 |
Forecast Period | 2021-2024 |
Key categories | Onshore and Deepwater |
Key producers | SDX Energy Inc, Office National des Hydrocarbures et des Mines, Sound Energy Plc, Chariot Oil & Gas Ltd, and Circle Oil Plc |
Scope
This report provides an overview of the Morocco exploration & production sector. The report includes:
- Morocco’s oil and gas production outlook by assets terrain, and major companies.
- Key details of active and upcoming oil and gas assets in the country.
- Recently licensed blocks details, licensed blocks count by company, and latest discoveries.
Reasons to Buy
- Gain a strong understanding of Morocco’s E&P sector.
- Facilitate decision-making based on strong historical and outlook of oil and gas production data, licensed blocks details, and discoveries.
- Assess your competitor’s production outlook and licensed blocks count in the country.
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Frequently asked questions
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What was the oil and condensate production capacity of Morocco in 2020?
Morocco’s total gross crude oil and condensate production capacity in 2020 was valued at 71 barrels per day (bd).
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What is the growth rate of Morocco’s oil and condensate production?
Morocco’s oil and condensate production is expected to grow by a CAGR of more than 4.5% during 2021-2024.
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What is the natural gas production of Morocco in 2020?
The marketed natural gas production of Morocco in 2020 was valued at 8 million cubic feet per day (mmcfd).
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What is the growth rate of Morocco’s natural gas production?
Morocco’s natural gas production is expected to grow at a CAGR of more than 25% during 2021-2024.
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Who are the major players in Morocco’s exploration & production sector?
The major crude oil and condensate players in Morocco include SDX Energy Inc, Office National des Hydrocarbures et des Mines, Sound Energy Plc, Chariot Oil & Gas Ltd, and Circle Oil Plc.
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