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    Morocco Signs MoU on Anchois Gas Project Support

Summary

The parties will now discuss further agreements to move the offshore gas development forward.

by: Joe Murphy

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Morocco Signs MoU on Anchois Gas Project Support

Morocco's industry and trade ministry has signed a memorandum of understanding (MoU) with London-listed Chariot Oil & Gas and Moroccan state-owned partner ONHYM on support for the offshore Anchois gas development.

"The MoU states that the ministry will support the Anchois gas development to enhance job creation, regional integration through the development of strategic infrastructure and the promotion of clean and competitive energy for consumption by the Moroccan industrial sector," Chariot said in a statement on March 2.

The document reflects the ministry's active promotion of gas use to help Morocco develop its industry, decarbonise its economy, diversify its energy mix and reduce reliance on imported fuels, Chariot continued. The parties will now discuss further agreements to move the Anchois project forward.

The Anchois discovery holds over 1 trillion ft3 of contingent and prospective gas resources with a methane concentration of 97% located in high-quality reservoirs. Chariot has a 75% interest in the Lixus licence containing the find while ONHYM has 25%. Chariot has also looked at options for sending the field's gas to Spain as well as Morocco.

Based on studies, Anchois is expected to be developed with two subsea wells tied to a manifold,  with a 40-km offshore flowline connected to an onshore gas processing plant. That facility in turn will be connected to the Gazoduc Maghreb Europe pipeline that carries Moroccan gas to Europe with a 40 km pipe link.

"The signing of this MoU is a significant step in our efforts to access the Moroccan gas markets," Chariot acting CEO Adonis Pouroulis commented. "With the kingdom of Morocco's support we intend to build on the positive conversations we are already having with entities involved in the Moroccan gas market, giving us greater confidence that we will sign the necessary agreements to expedite the development of this value accretive gas project, for the benefit of the kingdom and Chariot's investors."