Africa-focused transitional energy group Chariot Limited has regained full control of two key offshore gas licenses in Morocco after Energean returned its stake, MAP reported on May 14. 

London- and Tel Aviv-listed Energean, an international hydrocarbon exploration and production company, with a focus on natural gas, transferred its entire interest in the Lixus Offshore and Rissana Offshore licences to AIM-listed Chariot by handing over its local subsidiary.

Chariot, which has three business streams (Transitional Gas, Transitional Power and Green Hydrogen),  now owns 75% of both licences and has resumed its role as operator, while Morocco’s National Office of Hydrocarbons and Mines (ONHYM) holds the remaining 25%.

The project's central focus is the Anchois gas field, located in the Lixus Offshore licence. Three wells have been drilled in the area so far, with the latest, Anchois-3, completed in September 2024.

Chariot announced it will continue developing the gas field in collaboration with ONHYM and revise its development plan based on current gas discoveries. The company also intends to explore additional gas potential in the wider Lixus and Rissana licence areas.

Chariot CEO Adonis Pouroulis said Morocco’s strong gas demand and favourable financial conditions make it an attractive environment for energy development.

“We are pleased to have completed the transfer of these licences and regained operatorship as we see material value within our diversified Moroccan position, both offshore and onshore,” Pouroulis commented.

“The Anchois gas discovery still offers the potential for a rescaled development and our next steps are to scope this based on the core resources found in the three wells underpinned by our previous work on engineering design, environmental and regulatory approvals, project financing and gas sales.

“Gas market fundamentals in Morocco are robust with strong gas demand and excellent fiscal terms, and we will look to work with all stakeholders, including our partner ONHYM and the Ministry of Energy Transition and Sustainable Development to advance these important domestic projects.”

In December 2023, Chariot signed a $110mn partnership agreement with Energean to support the operations of two offshore licences in Morocco. In March 2023, it completed the front-end engineering design (FEED) stage for the Anchois development.