Chariot announces new profitability of Moroccan Anchois gas project

Following an evaluation, more natural resources have been obtained than expected and the quantity amounts to 1.4 trillion cubic feet
Chariot announces new profitability of Moroccan Anchois gas project

PHOTO/FILE  -   Chariot announces new profitability of Moroccan Anchois gas project

Chariot, the energy company in charge of several gas projects in Morocco, has just announced that the resource estimates at the Anchois plant have been improved. Following a report carried out by the Dutch firm Netherland Sewell & Associates, they have realised that the expected amount of gas is higher than initially counted. Following this analysis, the well is now estimated to have a total of 1.4 trillion cubic feet (Tcf).

"This independent appraisal report confirms that, following the drilling of Anchois-2, we have a growing resource base with which we can accelerate our gas development to deliver significant cash flows and provide gas to meet Morocco's growing energy demand," confirmed Duncan Wallace, Chariot's technical director.

The development is very good news for Morocco, as it will be able to source its own gas and thus no longer need to import gas. Chariot also confirms that there are other project areas where the same thing has happened, such as offshore Lixus or the Rissana plant. Wallace stressed that, based on this data, Chariot is going to start working harder to start producing Moroccan gas as soon as possible. 

"In addition to confirming the up-scaling of our Anchois discovery, this independent assessment has also corroborated the opportunity for several Tcf that lies within the basin in our Moroccan licences and has served to de-risk a number of high potential future targets in Lixus," Wallace continued.

Gas Natural Marruecos
PHOTO/FILE - Chariot announces new profitability of Moroccan Anchois gas projec

In doing so, the company has stressed that it is committed to energy development in the Kingdom and hopes that these projects will soon be viable. Because of all the resources being found in the North African country, Chariot announces that it will continue to work on projects in the Alawi market to expand the energy resource base of the Moroccan people. "These resource updates across our Moroccan portfolio are an important step forward," Wallace concluded. 

As a result of this report, resource estimates have increased significantly. At the moment, there has been an 81% increase in contingent resources. These were originally valued at 201 billion cubic feet, but in the light of recent developments, the figure now stands at 365 billion cubic feet. Contingent 2C resources have also increased by 76% and the gas figure is now around 637 billion cubic feet.  

Morocco, with these discoveries, is experiencing one of its best energy moments through gas wells and renewable energies. The good news has meant that Chariot has been able to increase its project financing. The company is happy with the results obtained, although they hope that situations like this will continue to occur. All indications are that by 2024, gas production will start immediately. 

Gas Marruecos
PHOTO/FILE - Chariot announces new profitability of Moroccan Anchois gas project 

The discovery of the Anchois plant began in January this year. The British company initially considered the discovery to be significant and expectations are growing. It is a well off the Moroccan coast with a depth of 2,512 metres. This project is shared with the Kingdom's National Office of Hydrocarbons and Mines (ONHM) and the Linux brand, a leader in energy projects throughout the continent.

The consideration that the Moroccan subsoil is rich in gas is beginning to be observed. As a result, gas projects in the region are becoming more common and experts have already affirmed Morocco's potential in this industry. "Morocco has several onshore and offshore sedimentary basins whose geology has allowed the genesis of different petroleum systems that could potentially be favourable to the accumulation of gas deposits," ONHM president Abdellah Mouttaqi said a few months ago.

The projects are already spread across the Kingdom's geography. In addition to this offshore Larache, exploration is underway in the areas of Essaouira, Guersif, Zag, Boudnib, Tendrara and Missour, among others.