Assahafa.com
For international investors, Morocco is a hub of a series of untapped opportunities in gas and renewable energy industries.
This is the conclusion to glean from the recent remarks by CEO of Sound Energy Graham Lyon, who reaffirmed his company’s growing interest in Morocco’s gas industry in an interview published on February 9 by the energy-focused website Attaqa.
“Gas reserves are technically classified according to one of many international standards and the undiscovered potential (not reserves” in eastern Morocco exceeds 20 trillion cubic feet of gas in place,” Lyon told Attaqa.
Sound Energy is part of the energy groups that are highly active in Morocco, sharing stakes as part of deals and contracts signed with Morocco’s energy authorities.
These groups usually own over 70% of their Moroccan projects’ stakes while more than 20% is under Morocco’s National Office of Hydrocarbons and Mines control for each project or exploitation deal.
These default percentages could change if the two parties, depending on specific contexts, decide to sign an agreement on a different or slightly modified baseline.
One of the projects under Sound Energy’s portfolio is the Tendrara production Concession.
Under the agreement, which has been effective since September 2018 and is running for a 25-year-term, the company is expecting to continue its journey toward discovering more natural gas in Morocco.
According to the company’s website, “Sound Energy has a variety of exploration assets in Morocco namely: Greater Tendrara, Anoual, and Sidi Mokhtar. Further exploration could unlock additional resources in these sites that already boast several existing discoveries.”
During his interview with Attaqa, Lyon emphasized Sound Energy’s interest in continuing its activities and investment in the North African kingdom, where the company has invested over $168 million so far.
Sound Energy will continue investing in Morocco, he stressed, insisting that the North African country remains the company’s main focus.
Lyon also said he is hoping the company receives approval for the extension of its licenses for the exploration and exploitation of the Tendrara and Anoual sites.
Keen to stay in Morocco
He also denied that the company is looking forward to leaving the Moroccan market, noting instead that Sound Energy is “very happy to operate” in the North African kingdom, where the company receives support from Moroccan shareholders.
While commenting on Lyon’s comments, Attaqa noted that Sound Energy completed a deal in December 2024 in which it agreed to sell part of its Moroccan gas assets to Moroccan mining company Managem.
Meanwhile, Lyon emphasized throughout the interview that Morocco meets Sound Energy’s local gas demand, highlighting the country’s facilitated policies attracting similar companies to explore opportunities.
“International investors would also be happy to supply locally, as Morocco purchases gas at competitive prices, negating the need to find more profitable markets abroad,” he said.
Once the company meets local demand, he argued, the Maghreb-Europe gas pipeline could serve as an export route.
While the discovery of large amounts of gas is not proven, the potential remains significantly high.
“I cannot say that the potential is limited until all basins are fully explored,” Lyon said.
Morocco has been setting high standards for its gas market, with the country leaning more on renewable energies to supply its market with electricity and other necessities.
Just last month, Lyon notably commented that Morocco was poised to join the liquified natural gas production market for the first time in its history by the end of 2025.
Production trials are set to kick off next summer, with commercial production starting at a daily 10 million cubic feet by late autumn, he explained.
Meanwhile, production capacity is expected to eventually increase to 40 million cubic feet a day as additional fields are developed.
Source: Morocco word news
