Home / Finance & Economy / Oil exploration: The British Chariot ready to drill off Mohammedia

Oil exploration: The British Chariot ready to drill off Mohammedia

In a context of resumption of global growth, marked by a slight increase in investments in hydrocarbon exploration and production, the British oil explorer Chariot Oil & Gas announces the drilling of offshore wells off Mohammedia. Both targets are identified as part of an expanded portfolio including Mohammedia and Kenitra licenses.

As part of its permits, the company has identified potential in the proven Jurassic Carbonate and Mio-Pliocene turbidite zones as well as in the Jurassic Jurassic turbidite, which are yet to be proven. The company’s estimates show more than 2.4 billion barrels of crude oil.

Oil slicks, seeps and direct seismic hydrocarbon (HID) indicators in these permits support the presence of a hydrocarbon system, says Chariot management whose CEO, Larry Bottomley, displays optimism.

Chariot’s two Moroccan offshore licenses are located close to historical Onshore oil production, current Onshore gas production, and oil and gas condensate discoveries. The explorer announces the acquisition, processing and interpretation of a 1,400 km2 3D seismic and coring program.

Morocco is among the growth markets of the British exploration company, which emphasizes that the Kingdom has some of the most competitive fiscal conditions in terms of trade, supported by a sound regulatory framework and a well-known state oil company.

The northern margin of Morocco is considered to be analogous to the Nova Scotia conjugate basins, where significant discoveries have been made in the same petroleum zone systems that are present in the Chariot permits and which are currently being explored by fishermen. Since the arrival of Chariot in the region, a number of industry players have also acquired acreage at sea and the area has recorded significant activities.

In addition, the National Office of Hydrocarbons and Mines (ONHYM) is a partner in the licenses of Mohammedia and Kenitra up to 25% during the exploration phase (Mohammedia 75% (Op.), ONHYM 25% and Kenitra 75% (Op.), ONHYM 25%).

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