Chariotthe Africa-focused transitional energy group, has announced that Avecson will partner theOffice National des Hydrocarbures et des Mines ('ONHYM')It agreed on the key principles for long-term gas sales from the Anchois gas project with the Office National de l'Electricité et de l'Eau Potable ("ONEE"). Anchois is located within the Lixus license Offshore, offshore Morocco, in which Chariot holds a 75% stake and is the operator alongside ONHYM which holds a 25% stake.
Key principles include:
- Sales of up to 0.6 BCM per year (approximately 60 mmscf per day) on a buy or pay basis for a minimum of 10 years with gas to be delivered via the Maghreb-Europe pipeline.
- Secures direct domestic supply for Morocco's existing and potential longer-term gas plant infrastructure.
- Framework and timetable in place to conclude the Gas Sales Agreement ("GSA").
With the preliminary key principles now agreed, the parties will continue discussions on Anchovy with a view to concluding the binding gas sales agreement. While there is no guarantee that these principles will be transformed into a fully qualified GSA, the parties are progressing with the next stage of documentation. The Company will provide further updates as required.
Ms. Amina Benkhadra, Director General of the Office National des Hydrocarbures et des Mines, commented:
" The acceptance of these key principles is indicative of our commitment to the development of the Anchois gas field. We are delighted to be working in partnership with Chariot on this asset which has the potential to deliver a range of benefits to the country.
Mr Abderrahim El Hafidi, Director General of the Office National de l'Electricité et de l'Eau Potable, said:
" The Anchois gas project will be an important source of domestic natural gas that will initially supply ONEE's power plants directly via the Maghreb-Europe pipeline. We are interested in concluding this sales agreement and in Anchois continuing to progress towards production.
Adonis Pouroulis, CEO of Chariot Limited, added:
" This is a significant step forward for us in our journey towards gas production and underpins the development plan and financing of the project. I would like to thank ONEE and ONYHM for their continued support, and we look forward to continuing to work together to bring this important natural gas supply into service and the Moroccan market as soon as possible.