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Morocco’s Mining Giant Managem Buys Sound Energy Parts in Tendrara Gas Field

Morocco’s mining giant company Managem bought the UK gas business Sound Energy’s subsidiary Sound Energy Morocco East Limited in Tendrara gas field in Eastern Morocco on Friday, for 45.2 Mln dollars.

According to Managem, the field is expected to begin producing 100 million cubic meters per year starting next year.

“The group is actively looking for other gas assets in Africa,” Managem CEO Imad Toumi was quoted in a statement as saying.

Managem expects to increase production to 280 million cubic meters once the field is connected to an existing gas pipeline linking Morocco and Spain.

Sound Energy will retain a 20% stake in the Tendrara Production concession and a 27.5% working interest in each of the Grand Tendrara Exploration Concession and the Anoual Exploration Permit.

In addition to Morocco, Managem mines cobalt, copper, zinc, gold and silver in six other African countries.

Morocco imports the majority of its gas needs, estimated at 1 billion cubic meters (bcm), which is enough to power two small stations.

The country’s gas demand will rise to 8 billion cubic meters as it attempts to lessen its carbon imprint, Morocco’s Ministry of energy forecasted.