Casablanca – British energy company Chariot Limited is stepping up its ambitions in Morocco, positioning the country as a cornerstone of its global strategy in both natural gas and renewable energy. With recent moves to consolidate control over key offshore licenses, optimize development plans, and advance green hydrogen projects, Chariot is pursuing a dual approach that targets immediate gas production and long-term sustainable growth.
Morocco at the heart of Chariot’s strategy
Chariot has made Morocco a strategic priority by reclaiming operatorship of its two most important offshore licenses—Lixus and Rissana—and raising its ownership stake in both to 75%. Morocco’s National Office of Hydrocarbons and Mines (ONHYM) continues to hold a 25% carried interest. This shift gives Chariot greater control over the pace and direction of exploration and development while strengthening its appeal to potential investment partners.
The move comes as Morocco seeks to diversify its energy sources and secure reliable domestic gas supplies. With rising demand from industry and plans to expand its gas pipeline infrastructure, the Kingdom offers Chariot a favorable regulatory framework and growing market opportunities.
Anchois gas field: A flagship project
At the center of Chariot’s Moroccan portfolio is the Anchois gas field, located within the Lixus offshore license. Drilling results have been consistently positive, with three successful wells confirming significant gas reserves and reinforcing the economic potential of the project. To accelerate progress, Chariot is reworking its development plan to lower capital expenditure and streamline operations, paving the way for a final investment decision in the near future.
In addition to the main Anchois reservoir, Chariot is evaluating nearby prospects such as the Anguille area, which holds an estimated 500 billion cubic feet of recoverable gas. Anguille sits along the planned route of a future gas pipeline and could either be tied into the Anchois infrastructure or developed as a lower-cost standalone project, offering flexibility in execution.
Rissana and Loukos add scale and diversity
Beyond Anchois, the Rissana offshore license represents one of Morocco’s most promising frontier exploration areas. According to Chariot, the block contains multi-trillion-cubic-foot gas prospects and several hundred million barrels of potential oil. This scale is attracting interest from major international energy companies, and Chariot is actively seeking partnerships to share development costs and accelerate exploration.
Onshore, the Loukos license provides additional opportunities with more modest but commercially attractive potential. After updated seismic studies and a 2024 drilling campaign, Chariot estimates that Loukos contains more than 100 billion cubic feet of gas resources. A multi-well drilling program is being prepared, and discussions with potential partners are underway to mitigate risk and enhance project economics.
Together, these three Moroccan assets give Chariot a balanced portfolio:
- Anchois, which is nearing development and capable of early production.
- Rissana, a high-impact exploration play with significant upside potential.
- Loukos, a smaller onshore project that could deliver near-term gains and synergies with offshore operations.
Advancing renewable energy and green hydrogen
While natural gas remains the immediate focus, Chariot is also investing in Morocco’s green hydrogen future. The company is working with Oort Energy and Mohammed VI Polytechnic University (UM6P) to install a 1-megawatt PEM electrolyzer at Jorf Lasfar. This pilot project will test the technical and economic feasibility of scaling up hydrogen production, supporting Morocco’s ambition to become a regional hub for renewable energy and hydrogen exports.
This initiative complements Chariot’s large-scale Nour project in Mauritania, developed with TE H2 (a joint venture of TotalEnergies and EREN Group). Lessons learned from these pilots will inform future industrial-scale hydrogen projects across North Africa.
Financial stability supports growth
Chariot enters this next phase of development with a stronger financial base. As of June 30, 2025, the company reported $5.6 million in cash, nearly doubling its year-end 2024 balance of $2.9 million. A recent $7.1 million capital raise further enhances liquidity, providing the means to fund exploration campaigns, pilot hydrogen projects, and strategic partnerships. The company remains debt-free and continues to benefit from a favorable fiscal environment in Morocco.
Administrative expenses have also declined, dropping to $3.2 million in the first half of 2025 from $5.0 million a year earlier, reflecting cost-cutting measures and operational efficiencies. These savings allow Chariot to direct more capital toward exploration and development activities.
A dual path for the future
Chariot’s strategy in Morocco reflects a balanced approach to energy development. On one hand, the company is advancing natural gas projects that can provide near-term revenues, help meet Morocco’s growing energy needs, and support the country’s energy transition away from coal and imported fuels. On the other, it is laying the groundwork for a renewable energy future through green hydrogen projects that align with global decarbonization goals.
By combining a proven gas resource base with cutting-edge renewable initiatives, Chariot is positioning itself as a key player in Morocco’s energy landscape. The company’s regained operatorship, strengthened financial position, and diversified project pipeline give it the flexibility to adapt to market changes and seize new opportunities.
As Morocco expands its infrastructure and strengthens its role as a regional energy hub, Chariot’s integrated approach could make it a central contributor to the country’s long-term energy security and sustainable growth.
