Sale of Sound Energy PLC’s Moroccan gas assets to Managem

Sound Energy PLC has sold its Moroccan subsidiary to Managem for $45.2 million, with the aim of developing production in the Tendrara gas field.

Share:

Vente des actifs gaziers marocains de Sound Energy PLC à Managem.

UK-based Sound Energy PLC has announced the sale of its subsidiary, Sound Energy Morocco East Limited, to Managem, Morocco’s leading mining group. This transaction, worth a total of $45.2 million, represents a key step in the development of the Tendrara gas field in eastern Morocco. The Tendrara gas field is scheduled to begin production of 100 million cubic meters per year as early as next year. Managem stated in a press release that this production could be increased to 280 million cubic meters, once the field is connected to the existing gas pipeline linking Morocco to Spain. This infrastructure is crucial to the expected growth in Moroccan natural gas exports to Europe.

Management Strategy and Future Projects

Managem CEO Imad Toumi said the group was actively seeking to acquire other gas assets in Africa. This expansion strategy is part of a broader vision to diversify energy resources and increase natural gas production to meet growing demand. At the same time, Sound Energy will retain a 20% interest in the Tendrara production concession and a 27.5% interest in the Grand Tendrara and Anoual exploration concessions, enabling them to remain involved in the future development of these resources.

Outlook for the Moroccan Gas Market

Morocco currently imports the majority of its gas requirements, estimated at 1 billion cubic meters per year. These imports are sufficient to power two small power plants in the north-west and north-east of the country. However, Morocco’s natural gas requirements are set to increase considerably to 8 billion cubic meters, according to estimates by the Ministry of Energy. This increase is motivated by the country’s efforts to reduce its carbon footprint and increase the use of renewable energies. In addition to its activities in Morocco, Managem operates in six other African countries, producing various metals such as cobalt, copper, zinc, gold and silver. This diversification of activities strengthens Managem’s position as a major player in the mining and energy sectors in Africa. This transaction between Sound Energy PLC and Managem marks a significant step in the development of the Moroccan energy sector. It also underlines the importance of strategic partnerships and investments to expand natural gas production capacity in Africa. By strengthening its infrastructure and increasing production, Morocco is positioning itself to meet growing energy demand and reduce its dependence on gas imports.

Italian group Eni signs a twenty-year liquefied natural gas supply contract with US-based Venture Global, covering two mn tonnes per year and marking a first for the company from the United States.
The discovery of the Gajajeira field marks a major step for Angola, strengthening its natural gas development strategy and diversifying national energy resources in a context of sector transition.
The Voskhod vessel, under US sanctions, docked at the Arctic LNG 2 plant in Russia, marking the second visit by a sanctioned ship to the site this year, according to maritime tracking data.
Japan has urgently secured several additional cargoes of liquefied natural gas from the United States to avert an imminent electricity supply shortage caused by rapidly declining national reserves expected at the end of July.
The European Commission has unveiled a proposal to prohibit the import of Russian gas into the Union, sparking intense debate on its feasibility, contractual impact and consequences for supply security among several Member States.
CNOOC Limited announces the discovery of a significant oil and gas reservoir in the buried hills of the Beibu Gulf, opening new opportunities for shallow water exploration off the coast of China.
TotalEnergies’ Mozambique LNG gas project is at the centre of a legal challenge in Washington, following the approval of a $4.7 bn loan by the US Exim Bank, amid security concerns and opposition from civil society groups.
Investors are closely watching U.S. midstream companies’ announcements regarding new gas pipeline expansions targeting promising markets in the West and Northeast, beyond traditional regions in Texas and the Southeast.
PPL Corporation and Blackstone Infrastructure announce a strategic partnership to develop new gas-fired power plants to supply electricity to data centers through long-term contracts in Pennsylvania.
Falcon Oil & Gas Ltd announces a new record initial flow test result at the Shenandoah S2-2H ST1 well and the start of its 2025 drilling campaign in the Beetaloo Basin.
Technip Energies has secured a contract to lead preparatory works for a floating liquefied natural gas unit in Africa, confirming its presence in the international gas infrastructure market.
The Slovak government is seeking guarantees from the European Union to secure its supplies as talks continue over ending Russian gas and adopting a new round of sanctions.
ArcLight Capital Partners announces the acquisition of Middletown Energy Center, a combined-cycle natural gas power plant, aimed at meeting the substantial rise in energy demand from data centers and digital infrastructure in Ohio.
The commissioning of LNG Canada, the first major Canadian liquefied natural gas export facility led by Shell, has not yet triggered the anticipated rise in natural gas prices in western Canada, still facing persistent oversupply.
Horizon Petroleum Ltd. is advancing towards the production launch of the Lachowice 7 gas well in Poland, having secured necessary permits and completed preliminary works to commence operations as early as next August.
European Union member states have requested to keep their national strategies for phasing out Russian gas by 2027 confidential, citing security concerns and market disruption risks, according to a document revealed by Reuters.
TotalEnergies becomes a member of PJM Interconnection, expanding its trading capabilities in North America's largest wholesale electricity market. The decision strengthens the company's presence in the United States.
Turkey has connected its gas grid to Syria’s and plans to begin supplying gas for power generation in the coming weeks, according to Turkish Energy Minister Alparslan Bayraktar.
Despite record electricity demand, China sees no significant increase in LNG purchases due to high prices and available alternative supplies.
US natural gas production and consumption are expected to reach record highs in 2025, before slightly declining the following year, according to the latest forecasts from the US Energy Information Administration.