Thursday 15 February 2018
Last update on Thursday, February 15, 2018 At 3:02 PM
The Moroccan state regulator for petroleum operations (ONHYM) signed an 8-year new petroleum agreement with British company Sound Energy.
Sound energy is expanding its operations in Morocco following the conclusion of an agreement with ONHYM offering an 8-year petroleum permit to realise explorations in a large area extending across and beyond the Sidi Mokhtar permit that was formerly known attributed to the company, in Essaouira basin.
Therefore, a statement released by the British company (created in 2005) said that upon the new petroleum agreement becoming effective, it will hold and operate 75% stake in Sidi Mokhtar onshore, while ONHYM will own the remaining 25% shares of the contract.
The company is relying on a study that emphasized on a potential of 8, 9 to 11, 2 trillion cubic feet regarding the Sidi Mokhtar onshore.
Sound Energy entered Morocco in 2015 taking a 55% working interest in the Tendrara licence partnering ONHYM (25% interest) and Oil & Gas Investment Fund (OGIF) (20% interest) and assuming Operatorship.
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