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Anchois Field off Larache: Morocco's largest gas reserve, between development ambitions and operator withdrawals

Published by Larachenews, June 13, 2026

In 2009, the offshore Anchois field was discovered off the coast of Larache, within the Lixus licensing zone, making it Morocco's largest gas field find. The discovery came through the Anchois-1 well, drilled jointly by Dana Petroleum, Repsol, and Morocco's national hydrocarbons agency ONHYM. larachenews

A bet on energy self-sufficiency

The field is one of the region's most significant undeveloped gas discoveries, with reserves estimated at roughly 1.4 trillion cubic feet (about 18 billion cubic meters) of natural gas. Morocco currently produces only around 100 million cubic meters of gas domestically per year, covering just 10% of national demand of about 1 billion cubic meters — making Anchois central to Morocco's energy security strategy, both to cut gas-import costs and, longer term, to potentially export surplus given the country's proximity to European markets.

Development setbacks and operator exits

The project has had a bumpy path. Greek company Energean acquired a major stake in the licenses in 2024, only to announce in November 2024 that it intended to exit — after the Anchois-3 appraisal well showed less gas than expected, with thinner gas-bearing layers than the prior geological model predicted and water found in some target reservoirs, undermining the project's economics relative to Energean's growth plans.

Chariot's return and a new phase

Following Energean's withdrawal in May 2025, British company Chariot — the original stakeholder — regained full control of the licenses, becoming operator with a 75% stake, while ONHYM retains the remaining 25%. Chariot says it's now pursuing a new development approach focused only on proven resources from the three wells already drilled, while reassessing technical and economic feasibility, and is working on new partnership agreements to finance and develop the project.

The article closes by framing Anchois as symbolic of Morocco's ambitions to become a regional energy power — ambitions that remain dependent on the government and contracted companies overcoming technical and investment hurdles.

https://larachenews.com/214528.html

Noted.

Rainbow Rare Earths was founded in 2016 by Adonis Pouroulis

Chariot’s planned 2025 demerger (Upstream Gas vs. Renewables/H2) could sharpen focus, making H2 assets more attractive for TotalEnergies partnerships.  Key themes: Mauritania as H2 hub with mining integration; Morocco’s gas-H2 bridge via ONHYM; Namibia as wildcard for exploration. Watch for offtake deals and farm-outs in H2/2025-2026, potentially expanding TEH2’s role regionally.

What is your interest here to lay it out again ?

Chariot holds a 75% working interest and operatorship in its key Moroccan offshore licenses (Lixus and Rissana), with ONHYM retaining the mandatory 25% stake. This structure directly leverages ONHYM’s incentives and reforms in several ways:

• Reduced Costs and Risks via Fiscal Incentives: The low royalties (3.5% for gas in deep offshore) and tax exemptions significantly improve project economics for Chariot’s gas-focused assets, such as the Anchois field in Lixus. For instance, Chariot can import drilling equipment tax-free, lowering capital expenditures. Combined with Morocco’s strong domestic gas demand and export potential to Spain via the Maghreb-Europe (GME) pipeline, this underpins viable developments even for mid-sized discoveries (e.g., Anchois’ ~500 Bcf potential).

• Partnership and Carried Interest with ONHYM: ONHYM’s carried 25% stake means Chariot funds most exploration but shares upside, while gaining access to ONHYM’s local expertise, geological data, and regulatory support. This has facilitated Chariot’s work programs, including 3D seismic analysis in Rissana for giant-scale prospects (multi-TCF gas or multi-billion-barrel oil equivalent).

• Regaining Control Post-Reforms: In May 2025, following Energean’s exit, Chariot regained full operatorship and 75% interest in Lixus and Rissana. This timing aligns with ONHYM’s revival efforts, allowing Chariot to advance drilling and development without delays. The company is now re-scoping Anchois based on 2024 wells, leveraging pre-existing approvals and financing discussions.

• License Extensions and Exploration Momentum: In August 2025, Chariot secured a 12-month extension for initial phases of Loukos (onshore, but tied to offshore strategy) and Rissana, with adjusted work commitments. This flexibility, supported by ONHYM, prevents license expiry and ties into the government’s expert mission, which could provide new data to de-risk Chariot’s offshore targets.

• Strategic Positioning Amid Reforms: The ONHYM restructuring enhances partnership efficiency, positioning Chariot to attract farm-in partners (e.g., for multi-well programs). Morocco’s overall investor appetite, fueled by reforms, has opened financing options—Chariot noted in its June 2025 results that fiscal terms “underpin project value,” especially for gas as a strategic commodity. This has helped Chariot maintain a $52.1 million net book value in Moroccan assets as of late 2024, despite exploration challenges.

Overall, these incentives and reforms have enabled Chariot to maintain momentum in Morocco, focusing on low-risk, high-value gas projects while mitigating financial and operational hurdles. The company’s in-country relationships further amplify benefits, supporting its goal of supplying energy domestically and for export.

Key ONHYM Incentives for Offshore Exploration

Morocco offers one of the most attractive fiscal regimes globally for hydrocarbon exploration, with ONHYM playing a central role in administering permits and partnerships. These incentives include:

• Limited Government Share: ONHYM’s interest in exploration licenses and concessions is capped at 25%, often carried (meaning ONHYM doesn’t bear upfront costs), reducing the financial burden on operators.

• Tax Exemptions: A 10-year full exemption from corporate income tax on production from each concession. Additionally, perpetual exemptions from VAT, duties, and most taxes on imported equipment, materials, and consumables (except withholding tax). Dividends and profits from shares are also exempt from income tax, and foreign entities can freely transfer profits abroad without limits.

• Royalty Structure: Sliding-scale royalties based on location and production type—7% for oil and 3.5% for gas in deep offshore areas. The first 500,000 tons of oil or 500 million cubic meters of gas per concession are royalty-free, lowering entry barriers for new developments.

• Surface Rentals: Fixed at an equivalent of $100 per square kilometer for exploration permits and concessions, keeping operational costs predictable.

These terms apply to offshore activities, making Morocco competitive for investors in a region with high exploration potential but historical under-investment.

Reforms Aimed at Reviving Offshore Exploration

In recent years, particularly 2024-2025, Morocco has implemented reforms to boost the sector:

• ONHYM Restructuring: In June 2025, ONHYM was transformed into a joint-stock company to enhance governance, efficiency, and commercial agility. This allows better collaboration with private partners and faster decision-making on licenses and data sharing.

• Expert Mission Funding: In June 2025, the government allocated MAD 2.5 million (about $270,000) for a technical mission to revive offshore exploration. This followed the exit of some British operators and aims to provide enhanced geological data, promote untapped blocks, and support ongoing projects through better resource assessments.

• Increased Licensing and Support: By mid-2024, Morocco had granted 58 exploration permits and 10 exploitation concessions, with ONHYM signing deals like those with ExxonMobil (Esso) for offshore areas. This reflects a broader push, including four exploratory wells drilled in 2024 with MAD 1 billion ($100 million) in investment, signaling government commitment to accelerating discoveries.

These reforms address challenges like investor withdrawals and aim to leverage Morocco’s strategic location near Europe for gas exports.

Chariot should pivot its short-term strategy (2025–2026) to focus on Loukos for rapid cash flows, pause Lixus activities, cut costs, and pursue targeted fundraising and local partnerships. In the long term (2026–2030), Chariot should scale Loukos, reposition Lixus and Rissana for farm-outs, diversify into renewables, and rebuild investor confidence. This approach leverages Morocco’s growing gas demand and stable investment climate while mitigating financial and geopolitical risks. Loukos’ success is critical to sustaining operations, with diversification into renewables offering a path to align with Morocco’s evolving energy landscape.

ONHYM and Chariot - Anchois Gas Project:

Chariot Reclaims Operatorship and Rescales Anchois: A major piece of news in July 2025 is that Chariot has officially re-assumed operatorship of the Lixus and Rissana offshore licenses (including the Anchois gas field), following Energean's exit in May 2025. Chariot now holds a 75% interest, with ONHYM retaining its 25%.

Chariot is adopting a scaled-back, pragmatic approach to the Anchois development. The Anchois-3 well, drilled in late 2024, did not yield the additional volumes needed for an expanded development plan. As a result, Chariot is now focusing on the confirmed gas volumes from existing wells (Anchois-1, -2, and -3) and aims for first gas production within 18 months.

This revised strategy is driven by the goal of meeting Morocco's significant domestic gas demand, especially after the disruption of Algerian pipeline supplies. The project is seen as crucial for Morocco's energy security.

Chariot CEO Adonis Pouroulis confirmed over $100 million in local investments related to their Moroccan operations.

ONHYM - Broader Developments:

Restructuring to Joint-Stock Company: News from late June and early July 2025 highlighted the Moroccan government's approval of a draft law to transform ONHYM into a joint-stock company. This is a crucial step in a wider public sector reform aimed at improving governance, efficiency, and attracting private investment.

While the state will retain majority voting rights, this new structure will allow ONHYM greater flexibility to create subsidiaries, partner with private companies, and expand into transitional energy activities like gas transport and storage.

Minister of Energy Transition Leila Benali emphasized that this reform is designed to enhance profitability, diversify funding, and optimize national resources, positioning ONHYM as a key player in Morocco's economic transformation and energy sovereignty.

African Atlantic Gas Pipeline (AAGP) Progress: In July 2025, there were reports of significant milestones being reached for the Nigeria-Morocco Gas Pipeline project, with Technical and Steering Committee meetings held in Rabat. ONHYM is a key participant in this strategic project, with Nawfal Drari, Director of Project Finance at ONHYM, participating in the U.S.-Africa Energy Forum 2025 in Houston to discuss the AAGP and investment opportunities.

Chariot Limited is at a pivotal point, seeking to transform its business through strategic fundraising and a demerger. While there are significant risks associated with its early-stage projects and a history of unprofitability, analysts project a considerable potential upside if the company successfully executes its expanded strategy and secures further financing for its ventures.

Four analysts offering 12-month price targets for Chariot Ltd have a median target of 9.65 pence, with a high estimate of 31.91 pence and a low estimate of 5.94 pence. The median estimate represents a substantial 504.55% increase from the last price of 1.60 pence.

One analyst consensus gives a "Buy" recommendation, with two "Buy" ratings and zero "Hold" or "Sell" ratings based on a poll of the past three months.

The average 12-month analyst price target is 14.07 pence, suggesting a potential upside of +813.87%.

Some analysis indicates that Chariot shares could be significantly undervalued (e.g., 22% below their intrinsic value estimate in May 2025).

Key Strategic Developments and Opportunities:

Fundraising: The company is undertaking a significant fundraising effort (Placing, Subscription, and Open Offer) to raise up to $7.1 million (£5.3 million) to finance its updated strategy. This capital injection is crucial for future operations and growth.

Demerger: Chariot plans to demerge its Transitional Power business from its upstream oil and gas assets. This is intended to unlock value and enable future growth for both entities, as they represent different investment cases and return profiles.

Transitional Power: Etana Energy (South Africa): Chariot holds a 34% economic interest in Etana, an electricity trading business focused on connecting power generation projects to commercial and industrial users. Etana has signed 20 Power Purchase Agreements (PPAs) and recently secured $175 million in guarantee finance and equity investments, which could unlock over $500 million worth of renewables projects in South Africa.

Generation Projects: Chariot has direct equity participation in wind and solar projects in South Africa, including three wind projects totaling 315MW and a 40MW solar project at Tharisa's PGM mine.

Water Business: Expansion is also planned for Chariot's water business, focused on clean water solutions using renewable energy, with a pilot project in Djibouti operating well.

Green Hydrogen: Chariot is co-developing Project Nour in Mauritania (with TEH2) and an electrolyser pilot project in Morocco.

Upstream Oil & Gas (Morocco):

Chariot has regained operatorship and a 75% working interest in the Lixus and Rissana offshore licenses. While the Anchois-3 well did not deliver the expected expansion volumes, Chariot still sees material value in the Anchois gas field and plans a re-scaled development.