AIM-listed Chariot, the African focused transitional energy company, has signed a front-end engineering and design ('FEED') agreement with Schlumberger and Subsea 7, as part of a consortium, for the Anchois gas development project in Morocco
Chariot, Schlumberger, and Subsea 7 will continue to adopt a 'one-team' integrated and collaborative approach to safely fast-track first gas to maximise the return on investment.
The scope of the Agreement covers:
1) Front-end engineering support and design work for the Anchois gas development, incorporating:
* offshore components including well completions, subsea production systems and subsea
* umbilicals, risers, and flowlines that will be delivered by Subsea Integration Alliance, and
* onshore components including a central processing facility and flowlines and controls from the CPF to the shore crossing that will be delivered by Schlumberger.
2) Generation of deliverables, such as engineering, procurement, construction, installation, and commissioning (EPCIC) costs and schedules, required prior to final investment decisions.
3) Opportunity for Chariot to directly-source EPCIC services with Schlumberger and Subsea 7 for the field development and operations and maintenance of the facilities during commissioning and the early production phase.
4) Commitment to environmental, social, and governance, minimising emissions and contributing to social development through the creation of direct and indirect jobs in Morocco.
Beyond this Agreement, Chariot is managing the additional FEED scopes required for the development, including well construction and onshore infrastructure, including fixed pipelines, to deliver gas to customers.
Adonis Pouroulis, acting CEO, Chariot Limited, commented,"Signing this agreement with Schlumberger and Subsea 7 is further evidence that we have accelerated development plans for the Anchois Gas Project, a key tenet of our recent fundraising. It is a pleasure to work closely with both companies on this integrated design phase, to benefit from their experience in working on several similar projects globally, and to leverage their standardised technology which is directly applicable to the Anchois development."
"We look forward to building on this relationship and to realise the benefits of an integrated project execution. Reduced interfaces, fewer contingencies, and strong leverage over procurement and the offshore construction schedule will help shorten time to first gas. This streamlined approach will benefit all stakeholders which is a key objective of fast-tracking the project towards cashflow," concluded Pouroulis.