Looks like they wanted to take profits and derisk. Nothing surprising considering the absolute state of markets right now. Perhaps they had to offset losses elsewhere? But they still wanted to keep half of their position, meaning they still see value here (as they should)
The pieces are really beginning to falling into place now. FEED agreement with Subsea7 and Schlumberger brings a smile to my face, both having worked with Chariot before and both high profile and trustworthy partners with standardized technology that fits Chariot's plans well. Once the CPR is complete -- which should be any day now -- we'll be able to secure financing, do the FID and move onto FEED and project development all in relatively quick succession.
I suppose that depends on what you think is disappointing. Based on the available data I expect at least 800Bcf so I would be disappointed with resources that are lower than that, but somebody else might be disappointed with anything below 1Tcf
I'll add that Morocco has plans to increase natgas consumption by about 2.5x between now and 2040. They plan to support hydrocarbon exploration/development, natgas power generation projects and the natgas industry. The plan is to wean the country off coal little by little and more into natgas. Right now coal constitutes about 60% of Moroccan energy
That's a big if SF. Hydrogen is about 2x more expensive than European natgas which is already sky high already, and there isn't much in the way of hydrogen supply to speak of right now. Natgas is simply more economical and abundant and will always be
That's a good point medar. The current $6.4/kg hydrogen price is equivalent to $48/mmbtu, quite expensive even compared to the current natgas prices in Europe. At half that price, $3.2/kg, the price would be equivalent to $24/mmbtu which is more reasonable in this current high price environment.
Current natgas price in Europe is about $27/mmbtu.