Managem, a Moroccan company active in the mining industry, announced the acquisition of Sound Energy Morocco, a subsidiary of British company Sound Energy, following a competitive process involving international investors.
In an official statement, the Moroccan company highlighted that with this acquisition, it now owns a 55% stake in the Tendrara operating concession, a 47.5% stake in the exploration license for the Greater Tendrara field, and a 47.5% stake in the exploration license for the Anoual field, making it the largest investor in Morocco’s largest natural gas fields.
“Sound Energy Plc chose Managem through a competitive process seeking an investor to finance the project’s development and has found in Managem a reliable long-term partner with the capability to successfully develop and complete the project,” commended Imad Toumi, Chairman and CEO of Managem.
Toumi explained that “this transaction will allow all Moroccan manufacturers to access cleaner and more affordable energy for their industrial operations.”
He emphasized that despite its modest size, the Tendrara project will have a significant positive effect on Morocco’s energy independence and trade balance, revealing that “the Group is actively exploring other natural gas opportunities across Africa, thereby reinforcing its diversification strategy and contributing to the continent’s energy development.”
The gas development plan for the Tendrara project is structured into two phases, reads the statement.
It explained that Phase 1, currently under construction and targeted for mid-2025 completion, seeks to produce 100 million cubic meters per year of Liquefied Natural Gas (LNG).
It involves establishing a processing, liquefaction, and gas storage facility to meet the needs of national manufacturers.
As to Phase 2, which is currently undergoing a feasibility study, the Moroccan company said that it proposes the construction of a processing facility and a pipeline that will link to the Maghreb-Europe Gas Pipeline (GME).
The goal is to supply 280 million cubic meters of natural gas annually, enhancing the Kingdom’s gas availability.
The statement highlighted that under the agreement, there is an initial payment of approximately US$12 million (about MAD119 million) due upon completion.
It also includes funding provisions of up to US$24.5 million (about MAD244 million) for Sound Energy’s contribution to financing Phase 2 of the project’s implementation.
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