ENERGEAN PULLS OUT OF MOROCCO GAS PROJECT AFTER DISAPPOINTING RESULTS
Energean has officially withdrawn from its operated interests in two offshore Morocco licenses, handing them back to Chariot. The London-based independent operator now controls the Lixus Offshore and Rissana Offshore licenses with a 75% stake, with the remaining 25% held by Morocco’s state-owned ONHYM.
Three exploration wells have been completed on the Anchois gas field discovery in the Lixus Offshore license, with the most recent well (Anchois-3) finished in September 2024. Results fell short of expectations, with the well failing to confirm the additional volumes required to justify expanding the initially planned development.
Despite the setback, the well did encounter multiple high-quality, gas-bearing reservoirs in the main B sand appraisal interval. Chariot remains committed to advancing the mandatory work programs and will review and adapt the development plan in cooperation with ONHYM based on the proven resource base.
Chariot CEO Adonis Pouroulis maintains optimism about the project’s potential, noting there remains opportunity for a rescaled development supported by previous engineering design work, environmental and regulatory approvals, project financing, and gas sales agreements. “Gas market fundamentals in Morocco are robust with strong gas demand and excellent fiscal terms,” he stated.
Source: offshore-mag.com