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Morocco Extends Gas Exploration Permit for UK’s Sound Energy Amid Pandemic Delays

– byGinette · 1 min read
Morocco Extends Gas Exploration Permit for UK's Sound Energy Amid Pandemic Delays

The National Office of Hydrocarbons and Mines (ONHYM) has granted Sound Energy a two-year extension on its Sidi Moktar onshore exploration permit. This new authorization will allow the British company established in Morocco to make up for the time lost due to the coronavirus pandemic.

This extension granted on Tuesday to the British oil and gas company Sound Energy covers an area of 4,711 km² in the Essaouira basin in central Morocco. This new authorization expires in October 2022.

"We are not the only ones facing disruptions caused by covid-19 and we are pleased that ONHYM has signed an amendment to extend the initial exploration period by two years," said Mohammed Seghiri, CEO of Sound Energy.

For the company’s top executive, this time will be used appropriately. "We continue to eagerly await unlocking the gas potential that we believe exists in this area," reports agenceecofin.com, which notes that Sound Energy holds a 75% stake in the Sidi Moktar license and ONHYM the remaining 25%.

Category: Economy
Keywords:
Essaouira National Office of Hydrocarbons and Mines Gas Sound Energy

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