Casablanca – Energean, the Greco-British energy firm, is poised to exit its offshore gas exploration efforts in Morocco’s Anchois field after drilling tests failed to meet expectations. Despite extensive investments in exploration, recent well testing revealed insufficient gas reserves, prompting the company to redirect its focus toward more promising ventures elsewhere.

Located off the coast of Larache, the Anchois field had raised hopes within Morocco’s energy sector. Energean’s CEO, Mathios Rigas, recently conveyed that the results from their Moroccan operations had fallen significantly short of their anticipated gas volumes. “We drilled a well off Morocco’s coast and did not find what we expected. Consequently, we see no future development opportunities here, at least for Energean,” Rigas remarked in a statement carried by the Specialized Energy Platform. While emphasizing the strong fiscal environment and supportive partners such as ONHYM (the Moroccan National Office of Hydrocarbons and Mines), Rigas acknowledged that the resources discovered were more suited for smaller-scale operators.

Energean’s Moroccan venture dates back to 2023 when it signed a partnership agreement with Chariot to lead operations at the Lixus and Rissana permits, maintaining stakes of 45% and 37.5%, respectively. Despite investments, including collaboration with Stena Drilling for recent tests, the findings did not live up to geological forecasts. While Chariot reported gas presence in multiple reservoirs of Anchois-3 as recently as September, the confirmed quantities were deemed insufficient for Energean’s operational scale.

Rigas noted that Energean’s strategic priorities would now shift to other regions rich in energy potential, notably the Eastern Mediterranean, with significant projects in Israel, Greece, and beyond. This pivot underscores Energean’s preference for maximizing returns from well-established fields. The CEO also shared that the company has initiated a phased withdrawal of personnel and resources from Morocco.

The decision does not entirely close the book on the Anchois field, as Rigas highlighted the potential for smaller firms to capitalize on the available gas reserves. “There is gas here,” he said, “but it should be leveraged by a smaller player.”

Energean’s move comes amid growing efforts by Morocco to expand its energy landscape, underscoring the challenges and opportunities that come with offshore exploration. As Rigas stated, “We prefer to leave it to the Moroccan government to formally communicate the results,” signaling a respectful departure and acknowledgment of the country’s strong potential in the energy sector.