British Firm Secures 20-Year Gas Deal for Moroccan Offshore Field

Chariot Oil & Gas has signed a gas sales agreement with a "leading international energy group", the company said in a statement, without revealing the identity of the buyer. According to the protocol, a daily volume of nearly 40 million cubic feet of gas will be delivered to the buyer for a maximum period of 20 years.

In addition to the purchase commitment, "an agreed framework process has begun to establish a long-term partnership," Chariot Oil & Gas said, noting that "the parties will advance discussions to sign definitive agreements for the implementation of the Anchois gas development with a targeted final investment decision in 2022 and gas production in 2024."

"I am very pleased to announce this gas sales agreement and partnership. With recent high international gas prices, this agreement clearly demonstrates that there is significant demand to support the development of the value-creating Anchois gas project, which will accelerate its development for the benefit of all stakeholders," said Adonis Pouroulis, Interim CEO of Chariot Oil & Gas.

The Anchois wells are part of the Lixus Offshore license. The British company holds 75%, the National Office of Hydrocarbons and Mines (ONHYM) 25%. It covers an area of about 2,390 km², with water depths ranging from the coastline to 850 meters.