The Moroccan mining group Managem has taken a significant step forward in its energy expansion by finalizing a major agreement with UK-based Sound Energy PLC. The partnership, approved on October 21 by the Ministry of Energy Transition and Sustainable Development, involves the partial acquisition of Sound Energy’s gas assets in Morocco, including the Tendrara, Grand Tendrara, and Anoual concessions.
A strategic acquisition for Morocco’s energy future
By acquiring 55% of the gas exploitation concession in Tendrara and 47.5% of the exploration permits for Grand Tendrara and Anoual, Managem is positioning itself as a key player in Morocco’s burgeoning gas sector. This move aligns with the group’s broader strategy to accelerate its development in the energy field, addressing the increasing demand for clean and competitive energy in the Moroccan market.
The deal, which was reached after a competitive bidding process involving several international investors, underscores the strategic potential of the Tendrara region and the long-term value Managem sees in natural gas exploitation.
A major investment with long-term vision
The transaction, valued at $12 million USD (roughly 119 million dirhams), marks an important milestone in this acquisition. On top of this initial outlay, Managem has committed to funding the project’s next phases with an additional $24.5 million USD (about 244 million dirhams), focusing on the second development phase to fully unlock the potential of these gas fields.
According to Imad Toumi, CEO of Managem, while relatively small in scale, the Tendrara project will play a pivotal role in improving Morocco’s energy balance. The local gas production will reduce reliance on imports and strengthen the country’s energy security. Additionally, the gas will be made available to Moroccan industries, offering a more affordable energy source to support their operations.
Diversification into African gas energy
This acquisition is just one step in Managem’s broader strategy to diversify its energy portfolio, with plans to expand into other gas projects across Africa. The company aims to play a leading role in the development of clean energy throughout the continent, while also bolstering the competitiveness of Morocco’s industries by leveraging local energy resources.
For Sound Energy, the partnership with Managem offers a crucial opportunity to secure the necessary investments to continue its growth in Morocco. By selling a portion of its assets, the British company ensures strong financial backing while maintaining an active stake in Morocco’s gas projects. This collaboration highlights the importance of natural gas exploration and production in both companies’ long-term energy strategies.
While the full completion of the transaction is still subject to final regulatory approvals and other conditions, both companies are optimistic that these will be secured swiftly, enabling them to move forward with their shared ambitions.
This collaboration between Managem and Sound Energy opens new doors for Morocco’s energy sector, aligning with the country’s goals to strengthen its energy independence while promoting sustainable and competitive solutions for its industries.
