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Rabat – The Africa-focused energy group Chariot has upgraded its estimates for the gas reservoir in Morocco’s Anchois project in Larache, noting an increase of 4 trillion cubic feet (Tcf) in recoverable resources.
On Wednesday, Chariot shared the results of an independent assessment by Netherland Sewell & Associates which said that the drilling of Anchois-2 enables Chariot to fast-track its gas development to generate cash flows and meet Morocco’s growing energy demand.
“These resource upgrades across our Moroccan portfolio are a significant step forward,” said Ducan Wallace, Technical Director of Chariot Limited.
He added that the “independent assessment has also corroborated the multi Tcf [trillion cubic feet] opportunity that sits within the basin in our Moroccan licenses and served to de-risk a number of high potential future targets in Lixus.”
Chariot is working on bringing Anchois into production as soon as possible to address the growing demand of the domestic market and potentially export the gas surplus to Europe, Wallace further noted.
Read Also: Morocco Determined to Strengthen Its Gas Infrastructure
In June, Chariot raised $4 million (MAD 40 million) to finance the offshore gas project in Larache after collecting another $25.5 million a month prior for the engineering and design studies.
Chariot currently owns 75% of the Anchois project while Morocco’s National Office of Hydrocarbons and Mines (ONHYM) holds 25% of the project’s shares.
In 2009, Chariot launched the first Anchois-1 gas discovery under the Lixus license signed by ONHYM through its wholly owned subsidiary Chariot Oil & Gas Holdings (Morocco) Limited.
Years later, Chariot announced in the first quarter of 2022 that it had successfully drilled Anchois-2, an appraisal and exploration well that confirmed excellent quality gas.
In June, Chariot awarded its tender for initial feasibility studies on the Anchois gas field to Texas-based Schlumberger and UK-based Subsea 7 to accelerate the exploitation of recently-discovered offshore gas reserves.
