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British company Chariot Oil & Gas announced this week that it had found a “gas buyer” for the field, located off Larache in northern Morocco, as well as a partner. In a statement, the company said it has signed a memorandum of understanding with a “leading international energy group.” “The memorandum of understanding concerns the key terms of the gas purchase and the partnership between the parties with regard to gas development under the Lixus permit, off the coast of Morocco,” said Chariot. “The key terms of future gas sales agreements will be around 40 million standard cubic feet per day, up to 20 years on a take-or-pay basis, to support development,” the company says.
In addition, “an agreed framework process has started to establish a long-term partnership”. Chariot specifies that “the parties will advance discussions with a view to signing final agreements for the implementation of gas development with a final investment decision targeted in 2022 and gas production in 2024”.
“Ahead of our highly anticipated gas evaluation well in December, I am very happy to announce this Memorandum of Understanding on gas sales and partnership. In addition to recent high international gas prices, this agreement clearly demonstrates that there is significant demand to support Morocco’s gas development. This agreement will help accelerate the development of this accretive gas project, to the benefit of all stakeholders,” said Adonis Pouroulis, interim CEO of Chariot.
Chariot signed a contract with offshore drilling company Stena Drilling in September to use its Stena Don drilling rig for the gas evaluation well. The wells are part of the Lixus Offshore license, owned 75% by Chariot Oil & Gas and 25% by ONHYM and which covers an area of approximately 2,390 km², with water depths ranging from the coast to 850 meters.