Chariot Limited, an energy group focused on Africa, announced on May 14 that Energean plc has returned its Moroccan offshore interests to Chariot. The transfer includes Energean’s full stake in a subsidiary that held 45% of the Lixus Offshore license and 37.5% of the Rissana Offshore license. In 2023, Chariot sold a portion of its stake in Moroccan offshore waters to Energean in a deal valued at more than $900 million.

With this change, Chariot takes over as the operator of both projects, now holding a 75% stake in each. Morocco’s National Office of Hydrocarbons and Mines of Morocco (ONHYM) will continue to retain its 25% stake in both licenses.

After regaining the operatorship, Chariot affirms its commitment to continue assessing the additional potential of the wider Lixus and Rissana license areas. Further updates will be provided as they become available.

“We are pleased to have completed the transfer of these licenses and regained operatorship as we see material value within our diversified Moroccan position, both offshore and onshore. The Anchois gas discovery still offers the potential for a rescaled development, and our next steps are to scope this based on the core resources found in the three wells underpinned by our previous work on engineering design, environmental and regulatory approvals, project financing and gas sales,” said Adonis Pouroulis, CEO of Chariot.

He added that the Gas market fundamentals in Morocco are robust, with strong gas demand and excellent fiscal terms.