The Managem Group, a leading Moroccan mining company, has taken a significant step towards diversifying its portfolio and shaping the energy future of Morocco with the acquisition of Sound Energy Morocco East Ltd.
This strategic move marks the group’s entry into the upstream natural gas sector and underscores the growing importance of clean and affordable energy sources in Africa.
The acquisition, completed after a competitive selection process, grants the Managem Group a 55% stake in the Tendrara operating concession, along with a 47.5% ownership of exploration licenses for Grand Tendrara and Anoual.
This strategic investment is expected to benefit Morocco in various ways. Imad Toumi, CEO of Managem Group, emphasized the acquisition’s potential to provide “clean and affordable energy for its industries,” while also contributing to the country’s energy independence and economic stability.
Although the Tendrara project itself is considered modest, it represents a crucial step towards Morocco’s clean energy goals. The development plan is divided into two phases.
The first phase, currently under construction, aims to produce 100 million cubic meters of liquefied natural gas (LNG) annually by mid-2025. The second phase, still in the feasibility study, envisions a processing unit and pipeline to significantly increase production to 280 million cubic meters per year.
The financial details include an initial payment of approximately $12 million by the Managem Group, with the possibility of an additional $24.5 million upon completion of phase two. Regulatory approvals remain a necessary hurdle before the deal is finalized.
This acquisition represents a major shift for the Managem Group, positioning it as a player in the upstream natural gas market within Morocco. Additionally, it reinforces their commitment to a low-carbon future, in line with Africa’s broader need for sustainable energy solutions.
The extensive portfolio of gas assets acquired covers more than 23,000 square kilometers in the eastern province of Morocco.
With the Tendrara concession having a 25-year operating license and estimated resources of 10.67 billion cubic meters of natural gas, the Managem Group aims to play a significant role in shaping Morocco’s energy landscape.
Morocco World News
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