UK-based energy company Energean PLC has announced its withdrawal from offshore gas exploration activities in Morocco, citing disappointing drilling results at the Anchois field.
The company is returning its stakes in the Lixus and Rissana offshore licenses to its former operator and partner, Chariot Limited.
“We are pleased to have completed the transfer of these licences and regained operatorship as we see material value within our diversified Moroccan position, both offshore and onshore,” said Chariot CEO Adonis Pouroulis in a press release seen by Energy in Africa.
Energean’s CEO, Mathios Rigas, explained the decision: “We drilled a well off Morocco’s coast and did not find what we expected. Consequently, we see no future development opportunities here, at least for Energean.”
Despite acknowledging the supportive fiscal environment and partners like Morocco’s National Office of Hydrocarbons and Mines (ONHYM), Rigas noted that the discovered resources are more suitable for smaller-scale operators.
Energean entered the Moroccan market in December 2023 through a partnership with Chariot, acquiring a 45% stake in the Lixus license, which includes the Anchois gas development, and a 37.5% stake in the Rissana license.
The company also assumed operator-ship of both licenses.
The Anchois field, located off the coast of Larache, had shown promise with gas presence in multiple reservoirs following preliminary studies by Chariot in 2024.
However, recent well-testing revealed insufficient gas reserves to meet Energean’s commercial expectations.
As Energean refocuses its strategic priorities on regions with higher energy potential, notably the Eastern Mediterranean, the company has initiated a phased withdrawal of personnel and resources from Morocco.
Nevertheless, the Anchois gas discovery remains promising for Chariot, and the firm says it will continue to work on developing the gas field, in partnership with ONHYM.
The company plans to review and adapt the development plan based on the gas that has already been discovered, working closely with ONHYM and the Ministry of Energy Transition.
Morocco has a strong demand for gas and offers “excellent fiscal terms” for energy projects.
The government is inviting potential investors for an LNG terminal project near Nador, as part of efforts to expand natural gas infrastructure and reduce reliance on coal.
Significant efforts are also being taken to develop the country’s clean energy resources.
Notwithstanding, Chariot says it looks forward to working with relevant stakeholders to advance these important domestic gas projects, citing the ready market.
Following this development, Chariot will now assume a 75% operating interest in both the Lixus and Rissana offshore licenses, with ONHYM holding the remaining 25% stake.
