Rresulting from an international competitive process, this transaction represents a key step for the development of the Managem group in the industrial natural gas sector. In detail, the agreement signed between Managem and Sound Energy concerns the acquisition of 55% of the Tendrara exploitation concession, 47.5% of the Grand Tendrara exploration permit and 47.5% of the Anoual exploration permit.
The total amount of the transaction amounts to approximately 12 million US dollars (or almost 119 million dirhams), with an additional commitment of up to 24.5 million US dollars (244 million dirhams) for the phase 2 of the project, subject to the fulfillment of the suspensive conditions, including obtaining regulatory authorizations.
According to the group’s press release, the project will in fact be deployed in two phases. Currently under construction, the first phase plans to produce 100 million cubic meters of liquefied natural gas (LNG) per year from mid-2025. This will be possible thanks to an on-site gas processing, liquefaction and storage facility, thus meeting the energy needs of Moroccan industrialists.
The second phase, currently undergoing a feasibility study, envisages the construction of a processing unit and a pipeline connecting the Maghreb-Europe Gas Pipeline (GME), with a capacity to supply 280 million cubic meters of natural gas per year, contributing significantly to Morocco’s gas supplies.
Although modest in size, the Tendrara project will significantly contribute to Morocco’s energy independence and the improvement of its trade balance. In addition, Managem continues to explore other gas assets in Africa, thus consolidating its diversification strategy and its role in the continent’s energy development.
Thus, with this acquisition, the Managem Group extends its activities to the upstream exploitation of natural gas and reaffirms its ambition to become a major regional player in the promotion and development of natural resources with a low carbon footprint. The acquired asset portfolio, extending over approximately 23,000 km² in the eastern province of Morocco, includes the Tendrara concession, with an operating license of 133.5 km² for a period of 25 years from 2018, and resources estimated at 10.67 billion cubic meters of natural gas.
Upon closing of the transaction, the Tendrara project will be 55% owned by the Managem Group, 20% by Sound Energy Meridja Ltd and 25% by ONHYM (National Office of Hydrocarbons and Mines).
