Chariot Oil & Gas (Now Eni North Africa): A Look Back at a Promising Explorer

Chariot Oil & Gas, now known as Eni North Africa following its acquisition by Eni in 2023, was a UK-based independent oil and gas exploration company focused primarily on resource opportunities in Africa. Before its acquisition, the company garnered considerable attention for its exploration efforts, particularly off the coast of Morocco and Namibia.

One of Chariot’s key assets was its significant acreage offshore Morocco. The company held exploration licenses for several blocks, targeting both conventional oil and gas plays. They conducted seismic surveys and drilling campaigns, hoping to unlock potentially large hydrocarbon reserves. While initial drilling results weren’t always commercially viable, Chariot persisted, refining its geological understanding and targeting more promising prospects based on advanced seismic data analysis.

Chariot also held exploration licenses offshore Namibia, another highly prospective frontier basin. Similar to its Moroccan strategy, the company invested in seismic surveys and evaluation work to identify potential drilling targets. Namibia’s Orange Basin has since proven to be a region of significant discoveries for other companies, highlighting the potential that Chariot recognized early on.

Chariot’s strategy revolved around a phased approach. They would first acquire large exploration licenses, then conduct detailed seismic surveys to identify potential drilling targets. They then sought farm-in partners to share the cost and risk associated with drilling exploration wells. This strategy allowed Chariot to maintain exposure to potentially high-impact exploration opportunities while managing its capital expenditure.

The company’s success was ultimately tied to its ability to make significant discoveries and bring them into production. While they faced challenges in consistently achieving commercial discoveries in its early years, the geological data and insights they gathered contributed to a greater understanding of the region’s petroleum systems. This knowledge, coupled with advancements in exploration technology, made the acreage more attractive to larger players like Eni.

The acquisition of Chariot by Eni signaled a shift in the landscape, with Eni bringing its substantial resources and expertise to bear on the exploration acreage. Eni North Africa now carries the mantle of exploring these promising areas, leveraging the groundwork laid by Chariot Oil & Gas. While Chariot as an independent entity no longer exists, its legacy of aggressive exploration and a deep understanding of the geological potential of Morocco and Namibia continues through Eni’s operations. The story serves as a reminder of the inherent risks and rewards associated with frontier exploration in the oil and gas industry, and the importance of perseverance and strategic partnerships in unlocking significant hydrocarbon resources.