Chariot Oil & Gas have announced that development of their Anchois gas field, offshore Morocco, is “potentially feasible.”
Rabat – Chariot Oil & Gas has announced the findings of its recent study which identified Morocco as an attractive potential energy market.
The key findings of the study shared by Proactive Investors showed positive aspects of the company’s project, emphasizing that development of the Anchois field is “feasible.”
The Anchois project is part of Chariot Oil & Gas’s Lixus license.
The project’s viability, according to the industrial news outlet, would “attract potential strategic partners with a view to funding appraisal operations in 2020.”
The company claimed that developments to the project could take place in a “single phase or a staged development” in order to “optimise access to different parts of the gas market.”
The company also conducted an assessment of the energy market described as “growing” and “attractive.”
Proactive Investors said that the company’s research concluded that Morocco “has a growing energy market with ‘attractive gas prices.’”
The company’s CEO, Larry Bottomley expressed satisfaction with the report’s findings saying that the “results of these studies demonstrate the technical feasibility and commercial attractiveness of developing the Anchois gas discovery with the potential to offer a strategically important indigenous source of gas into Morocco’s developing energy market.”
In April 2019, the company announced that it secured a 75 percent interest and operatorship of the Lixus offshore licence in Morocco.
In a statement, the company said that the remaining 25 percent will go to Morocco’s National Office of Hydrocarbons and Mines (ONHYM).
Commenting on the license, Bottomley said that “The award of the Lixus licence provides Chariot with a discovered resource base offering a low-cost development opportunity and significant upside. The commercial attractiveness of the Lixus licence is further enhanced by its position offshore Morocco, a fast-growing energy market with high gas prices and a need for increased supply.”