British Energy Company SDX, led by CEO Daniel Gould, is transitioning its operations in Morocco, moving away from conventional oil and gas towards a hybrid energy model, according to a release by the company.
This shift involves divesting Egyptian assets to concentrate on Morocco and generate initial funds for the new strategy.
The company intends to continue producing and selling natural gas in Morocco while expanding its gas transportation infrastructure to import gas from Spain.
This expansion aims to increase gas supply to Morocco’s Kenitra region.
SDX also plans to venture into renewable power generation, leveraging its gas off-take base for a cross-selling opportunity between gas and green electricity.
Gould stated that senior management has been actively setting the groundwork for executing this new strategy, aiming to create sustainable, long-term value for stakeholders.
The strategy, detailed on the company’s website, outlines SDX’s goal of becoming a vertically-integrated hybrid gas and renewable-energy producer in Morocco and beyond.
The plan includes projects such as expanding gas transportation infrastructure, renewable energy generation, and additional power initiatives, aiming to reach milestones within the next four years.
The company plans to share further details through webinars and meetings to maintain transparency with stakeholders.
In Morocco, SDX has a 75% working interest in four development/production concessions, all situated in the Gharb Basin.
The producing assets in Morocco are characterised by attractive gas prices and exceptionally low operating costs.
In Egypt, the company has 36.9% operated interest in the South Disouq and Ibn Yunus gas fields and a 67.0% operated interest in the Ibn Yunus North gas field in the Nile Delta and a 50% non-operated interest in the West Gharib concession, located onshore in the Eastern Desert, adjacent to the Gulf of Suez.
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