British Chariot Oil & Gas Secures Buyer for Larache Gas

British exploration company Chariot Oil & Gas announced this Thursday, October 28, that it has found a partner and buyer for the Larache Anchois field’s gas.

Chariot said in a statement that it had signed a Memorandum of Understanding with an unnamed leading international energy group. The latter will purchase the gas from the area while contributing to future discoveries in Morocco.

The MOU details the key terms of gas offtake and partnering between involved parties in respect of the Anchois Gas Development within the Lixus license, in Larache, offshore Morocco.

In detail, the key terms of the agreement include a daily volume of almost 40 million cubic feet of gas, for a maximum duration of 20 years.

The principle of payment has been maintained to help Chariot continue the development of its project, in case of difficulties from its partner.

The upcoming gas sales agreement will be based on a “Take or Pay” policy, as stated by Chariot in its statement.

“Both parties will advance discussions with a view to signing definitive agreements for the implementation of the Anchois gas development with a targeted final investment decision (FID) in 2022 and first gas delivery in 2024,” Chariot announced.

Back on September 7, Chariot signed a contract with Stena Drilling to use the latter’s drilling rig on the appraisal well for the Anchois gas project located offshore Morocco.

The contract is expected to commence in December 2021 for a duration of approximately 40 days.

Morocco’s Larache Anchois wells are part of the Lixus Offshore license, 75% owned by Chariot Oil & Gas and 25% by the National Hydrocarbons and Mines Office (ONHYM).

They cover an area of ​​approximately 2,390 km2, with depths ranging from the coast up to 850 meters.

Projections resulting from exploration studies have shown that the perimeter located in the Moroccan Sea is home to more than one trillion cubic feet of natural gas.