Morocco partners with Israeli firm for Sahara offshore oil and gas exploration
According to media sources, NewMed Energy, owned by Israeli billionaire Yossi Abu, and Adarco, led by Moroccan-Jewish businessman Yariv Elbaz, will each receive a 37.5% stake in the exploration rights for approximately 30,000 square kilometers of offshore territory.
Meanwhile, Morocco's National Office of Hydrocarbons and Mines will retain a 25% share, reflecting the government's continued involvement and oversight of energy resources.
Yossi Abu expressed optimism about Morocco's energy potential, stating, «We see great potential in Morocco since the resumption of relations, and this announcement aligns with our strategic ambition to expand our activities in the Mediterranean and North Africa».
Efforts to explore oil in the area between the Moroccan coast and the Canary Islands have long faced obstacles. Spanish company Repsol previously conducted exploratory operations around the Canary Islands but did not find sufficient quantities to justify commercial production.
Geological challenges were not the only factors casting doubt on the region's potential; the Spanish government also imposed environmental restrictions that limited hydrocarbon exploration activities.
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