Chariot Energy and Energean Partnership Agreement: Accelerating Gas Field Development in Morocco

2023-12-09 19:31:41

In excellent news for the gas sector, Chariot Energy, a British company, has entered into a partnership agreement with Energean, another British company, with the aim of accelerating the start of production of the Anchois gas field and expanding gas exploration activities in the region.

The agreement primarily aims to facilitate Chariot Energy’s financing by offering a deferred upfront payment as well as the option of full financial support until actual production begins. This innovative approach could allow Chariot Energy to accelerate the development of the Anchois gas field.

Under this agreement, a new well will be drilled and a production test is planned for 2024, which will further assess the production potential of the Anchois gas field. Additionally, the offshore development plan will be expanded to achieve higher production levels.

As part of the agreement, Chariot Energy will divest 45% of its interests in the Lixus license, which is home to the developing gas field of the same name, as well as 37.5% of its interests in the neighboring Rissana license. This strategic decision will allow Chariot Energy to share risks and profits with its partner Energean.

Energean, which has a market capitalization of £1.8 billion, is already active in several countries, such as Egypt, Israel, Italy, the United Kingdom and Greece. Its presence and expertise in the field of gas exploration and production make it an ideal partner for Chariot Energy in this ambitious venture.

Reactions to this agreement have been positive. The Minister of Energy Transition and Sustainable Development, Laila Benali, stressed that these significant investments will greatly contribute to the monetization of the country’s resources and support Morocco’s ambitious energy strategy.

Amina Benkhadra, Director General of the National Office of Hydrocarbons and Mines (ONHYM), also expressed her satisfaction with this agreement. She highlighted that the discoveries made so far as well as the important work carried out have laid a solid foundation for the development of the project, while this partnership will be instrumental in financing and carrying out the next phase.

Thanks to this partnership agreement between Chariot Energy and Energean, the prospect of development of the Anchois gas field in Morocco seems more promising than ever. This collaboration will strengthen the country’s gas activities and pave the way for more efficient and profitable exploitation of its energy resources.

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