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“In view of the financial strength of the Managem group, its takeover of Sound Energy is the best that could happen in Morocco. And this, both in terms of prospecting and dispatching of the gas reserves of the Tendrara concession, via the liquefaction plant which will deliver Afriquia Gaz from 2025 and the future pipeline connecting the Maghreb-Europe gas pipeline (GME) to supply the two ONEE power plants of Tahaddart and Aïn Beni Mathar”, estimates an expert who participated to negotiations between the two mining and energy exploration companies.
“A booster for the two projects initiated by Sound Energy in Tendrara”
According to our source, one of the advantages of this transaction is that Managem is familiar with the administrative procedures to accelerate and bring to fruition the two major projects to exploit the Tendrara gas reserves which had been launched by Sound Energy.
While it is true that Sound Energy did not really need its buyer to complete phase 1, consisting of finalizing the ongoing construction of a liquefaction plant which will supply 100 million cubic meters of liquefied natural gas per year to national manufacturers, Managem’s contribution will be decisive. And for good reason, it will accelerate the financing of phase 2, which aims to build a processing unit and a pipeline connecting the Maghreb-Europe Gas Pipeline (GME), to thus provide 280 million cubic meters per year of LNG. and supply the “two ONEE power plants”.
“With its financial capabilities, which Sound Energy did not have, Managem will be able to finance the amounts necessary to accelerate the exploration of a gas basin which is still largely underexploited,” estimates our interlocutor. With additional investments, the liquefaction plant, available for delivery in early 2025, will ultimately be able to produce 500 to 600 million cubic meters per year compared to 100 million at the start of its operation.
Despite the modest size of its reserves (10.67 billion cubic meters), our source affirms that the Tendrara concession will contribute to Morocco’s energy independence and trade balance because, from a macroeconomic point of view, it It is better to buy domestic gas than to import it.
Indeed, this acquisition operation fits perfectly into the energy transition policy for the industrialization of Morocco. The latter aims to position itself as a green industrial hub with low pollution to meet new European regulations.
“New drilling and exploration permits which will turn into concessions”
Comparing the arrival of Managem to that of a high-level player in a football team, our interlocutor suggests that the new gas center will open the way to new drilling which will increase gas production capacity and support the energy transition of the Moroccan electricity system by securing the gas supply.
In addition, drilling on the Grand Tendrara and Anoual exploration permits will unlock new concessions and production capacities that will increase domestic production. This will have the mechanical effect of reducing Morocco’s current exposure to imports and developing its industry while making it more resilient to global hazards.
And to conclude that Morocco’s energy future requires significant structural investments, which Sound Energy could not carry out without a group like Managem.
However, it will be necessary to wait a period of three months to obtain administrative authorizations from the supervisory authorities before Managem takes control of Sound Energy by lifting the suspensive conditions of this transaction.
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