British company Sdx Energy has announced its plans to exit the Egyptian market and redirect its focus towards foreign markets, with a particular interest in the Kingdom of Morocco.
The company has received offers for the sale of its assets in Egypt, prompting its decision to explore other countries, including Morocco.
Sdx Energy ‘s decision to leave Egypt coincides with the company’s desire to increase its oil exports by 15%
As an oil and gas exploration specialist, the company sees Morocco as an ideal investment destination for the next five years
. Reports indicate that Sdx Energy already has multiple projects underway in Morocco, including five gas exploration licenses across various regions, with a production rate surpassing 70%.
The company has recently renegotiated a gas sales agreement with a major customer in Morocco, in collaboration with the Office National des Hydrocarbures et des Mines (ONHYM). The revised agreement will result in SDX receiving a higher gas price for its production, effective from May 1, 2023.
This significant price increase paves the way for SDX to expand its exploration and production activities in Morocco, a key focus area for the company. Already underway is the permitting process for SDX’s upcoming summer drilling campaign, which promises to further enhance its presence in the Moroccan energy sector.
“We are delighted that we have been able to renegotiate the gas sales agreement with one of our key customers and would like to thank ONHYM for its continued support. Morocco remains a core area for us and we endeavour to expand our energy provider footprint in the country,”Jay Bhattacherjee, Interim Executive Chairman said.
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