Morocco Subsea Project Gets on Fast Track
Chariot Oil & Gas Limited (AIM: CHAR) reported Monday that it has signed a collaborative agreement with Subsea Integration Alliance to fast-track the Anchois Gas Development project on Morocco’s Atlantic coast.
Subsea 7 (OTCMKTS: SUBCY) and Schlumberger (NYSE: SLB) unit OneSubsea make up Subsea Integration Alliance. According to a written statement from Chariot, the deal will facilitate the front-end design, engineering, procurement, construction, installation, and operations of Anchois – located in the Lixus Offshore License just south of Spain.
“We are pleased to be starting a journey with Chariot on the exciting Anchois gas development in Morocco,” Subsea Integration Alliance CEO Stuart Fitzgerald remarked in a written statement emailed to Rigzone. “We believe the Subsea Integration Alliance ‘One-team’ collaboration with Chariot will help unlock the planning and execution of the development and uncover the true value of the project for all stakeholders.”
Chariot stated the scope of the collaboration includes:
- front-end engineering support and engineering design work
- engineering, procurement, construction, installation, pre-commissioning, and commissioning work
- facility operations and maintenance
- direct and indirect job creation in Morocco.
“The collaboration agreement with Subsea Integration Alliance further endorses our view that the Anchois development is a high-value project,” commented Adonis Pouroulis, Chariot’s acting CEO. “With the recent announcement on potential project finance, Chariot is clearly showing that it is delivering on what it said it would do, namely, advancing the commerciality of the Lixus asset and generating value to shareholders in the process.”
Chariot holds a 75-percent stake in and operatorship of the Lixus license, with ONHYM owning the remaining 25 percent. The operator stated the audited total remaining recoverable resource (2C and 2U) for the Anchois gas discovery exceeds 1 trillion cubic feet, with methane constituting 97 percent of sampled gas.
According to Chariot, the development plan from a pre-FEED study calls for tying in two subsea wells into a subsea manifold with a 25-mile (40-kilometer) offshore flowline linked to an onshore gas processing facility and then a trunk pipeline to Europe. Chariot stated the project would access the Moroccan energy market as well as the European gas market.
“We believe that 2021 will be an exciting year for the business, as we look to commence with our operational plans at Anchois and further enhance our portfolio to include other commercial opportunities along the theme of energy transition,” concluded Pouroulis.
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