The investment fund BlackRock no longer intends to finance the work to expand the Medgaz, the gas pipeline that connects Algeria to Spain, to 16 billion cubic meters per year. This is due to the tensions between the two countries that opened up after Spain’s change of position on the Sahara.
The British company specializing in gas exploration, Chariot Oil & Gas , claims to have raised $25.5 million for its explorations in Morocco.
The upcoming visit to Spain of the Emir of Qatar, Sheikh Tamim bin Hamad bin Khalifa, could be an opportunity for the Spanish authorities to negotiate the replacement of Algerian gas with Qatari gas.
Faced with Algeria’s many threats, Spain has found ways to ensure the delivery of gas that Morocco will buy on international markets via the Maghreb-Europe gas pipeline (GME) in the reverse direction, without falling out with its partner.
Spain has still not authorized the shipment of gas to Morocco via the Maghreb-Europe gas pipeline in the reverse direction. The Spanish authorities are hesitant to give the green light to start the operation, probably due to threats from Algeria.
Algeria has reduced the amount of natural gas it supplies to Spain via the Medgaz pipeline by about 25% compared to mid-March levels, according to daily monitoring data collected by Enagás, the Spanish energy company.
Morocco and Nigeria are teaming up to build the world’s longest offshore gas pipeline. They will transport gas to Europe via 11 West African countries.
Algeria continues to threaten to cut off gas supplies to Spain if it supplies Morocco as part of its new partnership with the latter.
Europe is considering turning to other sources, particularly in Africa, for its natural gas supply, in order to reduce its dependence on Russia . The old continent could set its sights on the Nigeria-Morocco gas pipeline project.
Spain’s change of position on the Moroccan Sahara has prompted Algeria to threaten to break its contract with its partner, who intends to reopen the Maghreb-Europe gas pipeline in the opposite direction to transport gas to Morocco via the Maghreb-Europe gas pipeline (GME) as part of a new trade agreement with the kingdom. Revelations have been made about the relaunch of the GME, which highlight the hypocrisy of the Algerian authorities.
For the "first time", Morocco will buy liquefied natural gas (LNG) on the international market and transport it to its territory via the Maghreb-Europe gas pipeline (GME) in the opposite direction, after having it transformed in a regasification plant in Spain. The operation should generate a profit of 10 million euros for Spain.
The British company Chariot Oil & Gas has appointed the London office of Société Générale as financial advisor to develop debt financing options for the exploitation of the future Anchois gas field off Larache .