Development of Morocco’s Anchois gas field, “technically feasible”, says Chariot Oil & Gas

Chariot Oil & Gas has announced that the development of the Anchois Field, offshore Morocco, is technically feasible.

Recent studies carried out at Anchois gas field, offshore Morocco, have shown that development of the project is “technically feasible,” the company said in a press release

The key findings of the study, shared by the industrial news outlet, Proactive Investors, showed positive aspects of the company’s project.

“The results of these studies demonstrate the technical feasibility and commercial attractiveness of developing the Anchois gas discovery with the potential to offer a strategically important indigenous source of gas into Morocco’s developing energy market,” said chief executive Larry Bottomley.

“We believe the combination of a de-risked resource base in a fast-growing energy market, with high gas prices and a need for increased supply remains highly attractive to a wide range of potential strategic partners throughout the energy value chain.”

“As part of the partnering process and to facilitate appraisal operations in 2020, the company has initiated a Drilling Environmental Impact Assessment,” he added.

Analysts at finnCap said confirmation of the project’s viability “should help attract potential strategic partners with a view to funding appraisal operations in 2020”.

Chariot believes there is potential for either a single phase or a staged development to “commercially optimize access to different parts of the gas market”.

One of the options is the ‘subsea-to-shore’ concept, which involves an underwater umbilical connecting subsea production wells to an onshore processing facility where the gas would be processed and then delivered into the Maghreb-Europe Gas pipeline (GME) via an onshore gas flowline, the company explained in the press release.

There is also the potential to re-enter the suspended Anchois-1 gas discovery well, which could be completed as a producer well, Chariot said.

Besides the studies on the field itself, the company has carried out an assessment of the Moroccan energy market.

Its research concluded that Morocco has a growing energy market with “attractive gas prices” that underpins the “commercially attractive project”.

In April 2019, the company announced that it secured a 75 percent interest and operatorship of the Lixus offshore license in Morocco and that the remaining 25 percent will go to Morocco’s National Office of Hydrocarbons and Mines (ONHYM).