Greek energy company Energean recently redefined its strategy by selling part of its assets in the Mediterranean to focus its efforts on the development of new projects, particularly in Morocco. This reorientation marks a crucial step in the evolution of the company, highlighting the offshore natural gas potential of the Shereef kingdom.
Last June, Energean concluded an agreement to sell its portfolio of assets in Egypt, Italy and Croatia to Carlyle International Energy Partners, for an amount ranging between $820 and $945 million. This sale, officially announced on June 20, allows Energean to free up essential liquidity to finance its future projects. Listed on the London and Tel Aviv Stock Exchanges, the company seeks to honor its financial commitments while focusing on a strategy focused on natural gas development.
Focus on the Anchovy field in Morocco
Among the new horizons explored by Energean, the Anchois field, located off the coast of Larache in the Atlantic Ocean, occupies a central place. This project represents a significant opportunity for Energean, which now holds 45% of Lixus’s offshore licenses and 37.5% of those of Rissana, thus becoming the main operator of these concessions. The National Office of Hydrocarbons and Mines of Morocco (ONHYM) retains a 25% stake in each license, while Chariot Limited, Energean’s partner, holds 30% and 37.5% interests respectively.
A fruitful collaboration with Chariot Limited
The collaboration between Energean and Chariot Limited came to fruition last April with the finalization of the partnership agreements, validated by the Moroccan authorities. Energean has already made an initial payment of $10 million to Chariot Limited, marking the start of a promising cooperation. This partnership is part of an approach aimed at exploiting Morocco’s gas potential, thus strengthening Energean’s presence in the region.
A balanced and ambitious strategy
The new strategic direction ofEnergean is based on a balanced portfolio, including key assets such as the field Karish in Israel and the carbon capture and storage project off western Greece. The addition of the Anchovy field to Morocco completes this vision, offering Energean geographical diversification and optimization of its gas resources.
By focusing its efforts on the development of promising offshore projects, Energean is banking on natural gas as a lever for growth and sustainability. The Anchois field represents a cornerstone of this strategy, illustrating the company’s desire to establish itself as a major player in the energy sector in North Africa.
