London-listed offshore oil and gas exploration company Chariot is seeking partners for its ‘giant prospect portfolio,’ most notably for its offshore assets in Morocco.
Chariot, which owns exploration assets offshore Morocco, Brazil, and Namibia, has said its near-term goal was to secure partners for the appraisal and development work at the Anchois gas field offshore Morocco, to generate cash flow and sustain the broader exploration program.
The company which acquired a stake in the Lixus offshore license containing the Anchois in April said that Anchois-1 well gas discovery and satellites offer near-term development opportunity. Chariot has described the license and the Anchois assets as a “low-risk appraisal and development opportunity,” Anchois-1 discovery estimated to hold 307 Bcf 2C, with deeper 116 Bcf 2U Prospective Resources, not including satellite prospects.
“This asset contains the Anchois gas discovery which, combined with its satellite exploration prospects, comprises in excess of 1 Tcf 2C contingent and 2U prospective resources – the development of which could deliver substantial cash flow to the Company and offer an important source of gas to Morocco’s strong and developing gas market,“ Chariot CEO Larry Bottomley said in its review on Wednesday.
‘Significant interest’ in Morocco asset
The CEO said that Chariot had initiated a data room to secure partners to progress the development, and, according to operational review by Chariot released on Wednesday, “[Chariot has] seen significant industry interest to date.”
“In addition, in order to facilitate timely appraisal operations, the appropriate drilling EIA’s have been initiated,” the CEO added.
“As with all of Chariot’s assets, the broader Lixus portfolio is believed to contain the potential for significant running room in the success case and a further CPR has been completed on five additional prospects which offer an attractive upside in excess of 1.2 Tcf 2U prospective resources,” Chariot said.
As for the development options, Chariot has previously said it has been looking at a “subsea-to-shore” concept, with subsea production wells tied to a subsea manifold, from which a subsea flowline and umbilical connect the field to an onshore Central Processing Facility (“CPF”), where gas is processed and then delivered into the Maghreb-Europe Gas pipeline (“GME”) via an onshore gas flowline.
According to Chariot, the Anchois appraisal project, subject to partnering, is expected to begin in 2020. First gas could be expected in 2023.
Chariot added: “At the same time, we will continue to promote our giant exploration prospects to the industry, with the aim of securing drilling partners to deliver this potential for transformational value in the near term in Morocco and with a fast follower positioning in Brazil and Namibia. We will also continue to seek further opportunities that can offer additional balance to the risk of the portfolio.”
Offshore Energy Today Staff
Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email.
Also, if you’re interested in showcasing your company, product or technology on Offshore Energy Today, please contact us via our advertising form where you can also see our media kit.