Morocco and Israel: getting closer in the gas industry
Israel-based energy company Energean PLC is seeking a major presence in the Moroccan gas industry market.
Energean recently announced the approval of its entry as a partner in UK-based Chariot Energy Company's operations in the Lixus licence, off the coast of Larache, which includes the development of the 18 billion cubic metre Anchois gas development area with strong prospects for gas production, and also in the Rissana development area.
Energean now expects to obtain the approval of the Moroccan authorities in the short term and to close the deal shortly thereafter to deepen this activity.
Energean and Chariot plan to drill an appraisal well in the Anchois field in 2024, according to media outlets such as Rue 20 and The Jerusalem Post.
According to the signed agreements, Energean will acquire 45% and 37.5% of the Lixus and Rissana licences, respectively, and will operate both licences. Meanwhile, Chariot will retain a 30% and 37.5% stake in Lixus and Rissana, respectively, and Morocco's National Office of Hydrocarbons and Mines will retain a 25% stake in each licence.
Energean has thus gained a significant share of the Anchois gas field franchise, giving it a strong foothold in the Moroccan gas market. The proximity of the location of the existing infrastructure facilities for the supply of gas to local and international markets is of great value to the company.
Leila Benali, Morocco's Minister of Energy Transition and Sustainable Development, highlighted the strategic importance of this deal for Morocco's energy assets: "This investment will greatly contribute to the monetisation of our gas assets and to the advancement of our ambitious energy strategy," she said.
Morocco-Israel diplomatic alliance
In this way, London-based energy firm Energean PLC entered into a firm alliance with Chariot in Morocco. This move is very significant for Israel, as Energean has a strong presence in the Israeli market.
Despite recent tensions between Morocco and Israel following the outbreak of war with Hamas in October, this collaboration between Energean and Chariot is very noteworthy.
Although there has been negative positioning from Morocco against Israel over the Gaza incursion, this move could be seen as a way to continue trade relations through the British representative Chariot in this case.
In this sense, Morocco and Israel continue to deepen their political and economic relations after the Moroccan kingdom established diplomatic relations with the Israeli state in the wake of the Abraham Accords, whereby several Arab countries such as the Emirates and Bahrain established diplomatic ties with Israel under the auspices of the United States in order to pacify the Middle East region and promote its economic and social development. This has also served to confront common regional enemies that destabilise the region, such as the Islamic Republic of Iran.
In recent years, Morocco and Israel have deepened their bilateral relations with important agreements in various fields such as economics, new technologies and defence and military matters, which have led to a very important strengthening of relations between the two countries.