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Chariot Oil & Gas takes significant step with new Morocco agreement

Published: 07:35 02 Mar 2021 GMT

Chariot Oil and Gas Limited - Chariot Oil & Gas takes significant step with new Morocco agreement

Chariot Oil & Gas Limited (LON:CHAR) signed a Memorandum of Understanding with the Moroccan authorities committing to support the development of the Anchois Gas Development project.

The Ministry of Industry, Trade and Green and Digital Economy signed the MOU alongside Chariot and its government-backed partner the Office National des Hydrocarbures et des Mines (ONHYM).

The agreement foresees that Anchois is a potential provider of significant gas to the Moroccan market.

READ: Chariot ink ‘one-team’ agreement to fast-track gas project

It states the Ministry will support the Anchois Gas Development to enhance job creation, regional integration through the development of strategic infrastructure and the promotion of clean and competitive energy for consumption by the Moroccan industrial sector.

Chariot highlights that it reflects the Ministry's active promotion of the use of natural gas extracted in Morocco to help it meet key national strategic goals. This includes the development of industry, the decarbonisation of its economy, the diversification of its energy mix, and reduced dependence on imported fuels.

Talks will now progress with a view to signing further agreements between the parties, to advance the development of the gas field.

Chariot chief executive Adonis Pouroulis described it as a significant step in the company’s efforts to access Moroccan gas markets.

“With the Kingdom of Morocco's support we intend to build on the positive conversations we are already having with entities involved in the Moroccan gas market, giving us greater confidence that we will sign the necessary agreements to expedite the development of this value accretive gas project, for the benefit of the Kingdom and Chariot's investors," Pouroulis said.

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on 29/1/24