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The Anchois Gas Project in Morocco Suspended: Economic Viability in Question

Despite traces of gas identified at the Anchois-3 well, Energen announces the suspension of the offshore project in Morocco. The decision stems from low economic profitability, impacting the country's energy ambitions.

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The Lixus offshore license, located off the Moroccan coast, is at the center of energy sector discussions. Energen, the company leading its development, has recently announced the suspension of activities for the Anchois gas project. This decision results from an unfavorable economic assessment of recent findings from drilling activities at the Anchois-3 well.

Mixed results

In September, Chariot Oil, a 30% stakeholder in the project, reported promising indications of gas presence. However, in-depth analyses conducted by Energen revealed insufficient volumes to justify large-scale economic development. According to Mathios Rigas, CEO of Energen, while gas was found, the quantities are not enough to meet the necessary profitability thresholds.

This announcement contrasts with the initial enthusiasm sparked by previous discoveries at the site, particularly those from the Anchois-2 well, which had suggested a more significant potential.

Impact on Moroccan ambitions

Facing high energy dependence, Morocco is banking on gas projects to diversify its energy mix and reduce imports of petroleum products. Natural gas is seen as a critical lever to support the country’s energy transition and meet growing electricity demands.

The suspension of the Anchois project is a setback for these ambitions, particularly in the Gharb basin region, where exploration efforts are concentrated. The Lixus license, jointly held by Energen (45%), the Moroccan National Office of Hydrocarbons and Mines (ONHYM, 25%), and Chariot Oil (30%), remains a strategic focus for the partners. They continue to explore opportunities to monetize previously identified volumes.

Future perspectives for the project

While the Anchois-3 well seemed poised to enhance resource estimates in the region, the decision to suspend the project raises questions about the future of investments in the basin. For Morocco, it also calls for reconsidering strategies to attract international operators.

Attention now turns to potential geological reassessments and adjustments to exploration plans to maximize the use of identified resources. While economic viability remains a significant obstacle, stakeholders may explore partnerships or technological solutions to optimize the exploitation of available resources.

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