In a major development for Morocco’s energy landscape, UK-based Sound Energy PLC announced on Wednesday, December 11, that it has sold part of its Moroccan assets to the mining heavyweight Managem. This strategic move bolsters Managem’s position in the hydrocarbons sector while advancing Morocco’s energy ambitions.
The agreement sees Managem acquiring 55% of the Tendrara gas exploitation concession and 47.5% of the Grand Tendrara and Anoual exploration permits, both regions known for their significant gas potential. As part of the deal, Managem has paid approximately $12 million (around 119 million MAD) upfront. Additionally, the Moroccan group has committed to investing up to $24.5 million (roughly 244 million MAD) to support the second phase of the project’s development.
While transferring a majority stake, Sound Energy’s subsidiary, Sound Energy Morocco East Limited (SEME), will continue to oversee operations during a transitional phase. This approach ensures a seamless handover to Managem, maintaining performance and operational continuity.
Managem had previously emphasized the strategic importance of this investment, highlighting that it emerged from a competitive bidding process involving international investors. The acquisition aligns with Managem’s goal of diversifying beyond mining and positioning itself in the energy sector, which is pivotal to Morocco’s economic and environmental future.
Although modest in scale, the Tendrara project is a step forward in Morocco’s quest for energy self-reliance. By tapping into local energy resources—both renewable and fossil—the Kingdom aims to reduce its dependence on imported energy while improving its trade balance.
This acquisition marks the beginning of Managem’s ambitions in the gas sector. The company is actively exploring additional opportunities in Africa, leveraging this diversification to enhance its competitiveness while contributing to the continent’s broader energy transformation.
With this strategic pivot, Managem not only solidifies its position as a key player in Morocco’s evolving energy market but also aligns itself with the global push towards energy sustainability
