Majority-owned by the royal holding company Al Mada, the Moroccan mining group Managem has just bought Sound Energy Morocco East Ltd, until now a subsidiary of the oil junior Sound Energy. By mid-June, the two sides reached A agreement for the purchase of the British operator’s gas assets for a total amount of 45.2 million dollars (approximately 42.2 million euros).
100 million cubic meters of LNG per year
Through this transaction, Managem gets its hands on 55 % of the Tendrara exploitation concession, 47.5% of the Grand Tendrara exploration permit and 47.5% of the Anoual exploration permit. “Although modest in size, the Tendrara project will contribute positively to the energy independence of the kingdom and to her trade balance,” maintains Imad Toumi, CEO of Managem, in a communication dated June 14.
the rest after this ad
Subject to the fulfillment of certain suspensive conditions, in particular the obtaining of regulatory authorizations, the agreement concerns a gas concession whose extent is approximately 23,000 km squares in the eastern province of Morocco. Now owned by Managem (55%), Onhym (25%) and Sound Energy Meridja Ltd (20%), Tendrara is said to contain approximately 10.67 billion cubic meters of natural gas.
To read : Moroccan champion Managem looks gloomy, but is not worried about his future
The development of this project will be carried out in two phases: the first concerns the construction of a gas processing, liquefaction and storage facility to produce 100 million cubic meters per year of liquefied natural gas (LNG) from the mid-2025. The second, which is the subject of a feasibility study, will concern the construction of a processing unit and a pipeline connecting the Maghreb-Europe Gas Pipeline (GME), to provide 280 million cubic meters per year of gas in Morocco.
the rest after this ad
To the research other gas assets in Africa
If this transaction allowed Sound Energy to find a reliable investor to ensure the financial and operational security of the next stage of its development, the acquisition of the Moroccan subsidiary of the British group allow to Managem – holder of a diversified portfolio of metals in nine African countries – to nurture pan-African ambitions in gas.
“The group is actively looking for other gas assets in Africa, thus strengthening its strategy of diversification and contributing to the energy development of the continent”, underlines Imad Toumi according to which Managem is capable of developing gas projects which will guarantee all Moroccan industrialists “clean and cheaper energy for their activities “.
the rest after this ad
The eco of the day.
Every week, receive the best African news.
