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UK Firm Energean Assumes Operatorship of Morocco’s Offshore Gas Licenses in Strategic Partnership
London - In a groundbreaking agreement heralding a new era in Morocco's burgeoning offshore gas industry, UK-based Energean has taken over the operatorship of two promising licenses off the North African coast. Through innovative partnership agreements with Africa-focused Chariot Energy, Energean has secured strategic footholds in the high-potential Lixus and Rissana licenses.
The agreements confer upon Energean the operational control of both licenses, in addition to a 45% stake in Lixus, home to the substantial 18 Bcm Anchois gas project, and a 37.5% interest in Rissana. Chariot, retaining 30% of Lixus and 37.5% of Rissana, is poised for accelerated development, reaffirming its pivotal role in the assets. The national oil company ONHYM maintains its 25% share in each license.
Originating from Greece, CEO Mathios Rigas sees these Moroccan assets as complementing Energean's growing Mediterranean portfolio. These deals also align with the company’s commitment to increasing gas supplies through sustainable production.
From a financial perspective, the inventive agreements provide Chariot with $10 million upfront, along with an additional $15 million upon the final investment decision for Anchois. Furthermore, Chariot stands to benefit from an $85 million gross carry on development costs from Energean. In a creatively structured arrangement, Energean has the option to acquire 10% of Chariot's Lixus equity for $850 million gross, bundled with a loan note and royalty percentage.
For Chariot, this framework marks the commencement of a "new growth chapter," according to CEO Adonis Pouroulis, enabling the acceleration of plans such as the 2024 Anchois appraisal well. Together, the partners aim to optimize fundamentals, stimulate drilling activities, and solidify Morocco’s position as an emerging European gas source.