British Firm Sound Energy to Supply Natural Gas to Morocco’s ONEE

Sound energy hopes to reach the signing of a final contract by the end of 2019.

But the memorandum of understanding already covers 0.5 billion cubic meters per year, or about 48.4 million cubic feet per day, from the Tendrara concession and the payment of any production above this that must be included in the final gas sales contract.

On its website, Sound energy indicates that it will also benefit from a fixed price for a minimum annual volume of 0.3 billion cubic meters per year (about 29 million cubic feet per day).

The same source said this should generate revenue of $84 million in the first year. The British firm also stressed that it has put the gas from its Oriental concession up for sale after two new wells did not reach commercial production rates.

Note that Sound Energy PLC operates three areas in the Oriental region, namely Tendrara, Grand Tendrara and the Anoual permit where it holds 47.5% of the capital against 27.5% for Schlumberger and 25% for the National Office of Hydrocarbons and Mines (ONHYM).