Pierre Raillard, Managing Director of Chariot Limited Maroc, Matthias de Larminat, DG Vivo Energy Maroc, Adonis Pouroulis, CEO Chariot Limited, and Stan Mittelman, CEO Vivo Energy.
Partnership : The agreement signed between Chariot and Vivo Energy defines the next steps in the implementation of a gas-industry activity through the supply of domestic gas as well as the establishment of a midstream partnership for compressed natural gas (CNG ).
Strategic merger between Chariot and Vivo Energy Maroc. The two entities signed an agreement relating to the potential future marketing of natural gas from the Loukos Onshore “Loukous” license in Morocco where Chariot operates at 75%.
This agreement defines the next steps in the implementation of a gas-industry activity through the supply of domestic gas as well as the establishment of a midstream partnership for compressed natural gas (CNG) with a view to meet the growing energy needs of Moroccan industry. “We are delighted to extend our collaboration with Vivo Energy to onshore for the benefit of each partner and which aims to contribute to the development of the Moroccan gas network. This agreement offers the opportunity for rapid commercialization of future Loukos production and paves the way for both the development of pre-existing gas deposits and the OBA-1 well as well as organic growth through future exploration,” explains in this sense Pierre Raillard, general director of Chariot Maroc.
And to continue: “This project will be piloted in coordination with our upstream partner, ONHYM, and will initially focus on existing markets. This will also leverage our gas production to support wider development of the infrastructure required for the packaging and transportation of Vivo Energy’s CNG. The manager also indicates that as part of a possible midstream partnership, Chariot could be directly associated not only with Loukos sales, but also with gas distribution revenues in the country from a greater number of sources .
As for Vivo Energy Morocco, its general manager Matthias de Larminat recalls that “natural gas is a key component of the energy equation aimed at decarbonizing Morocco, as defined by His Majesty the King”. And to specify that “this project is fully in line with this ambition and responds to the needs expressed by Moroccan industrial players”. Under this partnership, Chariot plans to sell initial volumes of up to 3 million cubic feet per day (or approximately 30 million cubic meters per year) to the dedicated entity for marketing compressed natural gas in the framework of a long-term gas sales agreement from potential future production at Loukos. For its part, Vivo Energy intends to design, finance, construct and operate a compressed natural gas plant and distribution network to transport gas in the form of CNG from various sources to existing and new industrial customers.
Referring to both parties, GNC’s activity would be operated and developed by a dedicated entity in which Chariot could hold up to 49% of the shares. Recall that Chariot, which operates the Loukos license, recently completed its first drilling campaign under this license and is currently planning flow test operations for the OBA-1 well. Loukos has other gas resources on existing unexploited sites and an attractive exploration portfolio representing additional production potential. The data collected during the drilling campaign and the recently reprocessed 2D and 3D seismic data are being integrated with a view to evaluating these potential resources.
