Latest news with #SoundEnergy
Reuters
26-05-2025
- Business
- Reuters
Moroccan miner Managem reports 20% rise in Q1 revenue
RABAT, May 26 (Reuters) - Morocco's largest mining group Managem ( opens new tab reported on Monday a 20% rise in its first-quarter revenue to 2.32 billion dirhams ($250 million), driven by higher gold, silver, copper, and cobalt prices. The Casablanca-listed firm invested 1.5 billion dirhams in the first three months of 2025, with 65% allocated to its Tizert copper mine in Morocco and the Boto gold project in Senegal, Managem said in a statement. Commercial production at both sites is expected to begin in the second half of the year, the company said. Managem diversified its portfolio into the natural gas sector last year through the acquisition of Sound Energy's assets in eastern Morocco. The company's debt rose to 11.9 billion dirhams by the end of March, up 13.6% from December 2024. In 2024, Managem posted an annual revenue of 8.85 billion dirhams, up 18%, and a net profit of 620 million dirhams, up 17% year-on-year.
Morocco World
22-04-2025
- Business
- Morocco World
Morocco Seeks to Launch 1st Phase of Natural Gas Terminal in Nador
Rabat – Morocco is stepping up efforts to strengthen and diversify its gas resources as the country aims to develop the first phase of a liquefied natural gas terminal near the eastern city of Nador. Minister of Energy Leila Benali announced Morocco's determination to start an action plan, expressing interest in launching a tender to develop the first phase of the natural gas terminal in Nador. She made her remarks in a parliament session on Monday, noting that this tender to express interest in developing the process's first phase will take place this week. Known for its renewable energy assets, Morocco has been setting ambitious goals aiming to enable the country to diversify energy sources away from coal. The North African country aims to supply its energy demands through renewable energy. Morocco's goal is to achieve at least 52% of installed energy capacity from renewable energy by 2030. Reports indicate that this capacity has now reached 45%. The Moroccan minister stressed that the new terminal is set to connect to a gas pipeline that the country uses to import gas from Spanish infrastructure. The infrastructure will serve several industrial zones, the minister said. 'The new infrastructure will be a floating storage and regasification unit (FSRU) located in the currently under-construction deepwater Nador West Med port,' Reuters said, noting that it has offered the same information in May last year – citing an official from Benali's ministry. In January, reports indicated that Morocco is poised to join the liquified natural gas production market for the first time in its history by the end of this year. British company Sound Energy said it is nearing completion of a gas liquefaction facility at the Tendrara field in eastern Morocco. Sound Energy CEO Graham Lyon said that production trials are set to kick off next summer, with commercial production starting at a daily 10 million cubic feet by late autumn. Production capacity is expected to eventually increase to 40 million cubic feet a day as additional fields are developed, reports said. Lyon stressed the country's assets in different interviews, including in February, where he reaffirmed his company's growing interest in Morocco's gas industry. He echoed the same remarks in an interview published on February 9 by the energy-focused website Attaqa, where he said that 'gas reserves are technically classified according to one of many international standards and the undiscovered potential not reserves in eastern Morocco exceed 20 trillion cubic feet of gas in place.'
Morocco World
04-03-2025
- Business
- Morocco World
Morocco Becomes Spain's Top Gas Customer, Surpasses France
Rabat – Morocco has surpassed France, becoming Spain's top natural gas customer, according to recent data compiled by the Corporation of Strategic Reserves of Petroleum Products (Cores). The statistics, picked up by The Objective, said Morocco received 9,703 gigawatt hours of natural gas through the Maghreb-Europe pipeline, which connects the two countries. The number surpasses the amount of gas France received from Spain in 2024, at 9,362 gigawatt hours. Morocco also surpassed Portugal, which received thousands of hours less of natural gas, only amounting to 4,056. The Objective said Spain 'barely' produces gas, but it has developed significant infrastructure for the products, including the Medgas and the Maghreb-Europe gas pipelines, in addition to six regasification plants. According to data from Attaqa, Morocco's gas imports witnessed a global increase of 3%, equivalent to 25 cubic meters on a yearly basis. The North African country imported 886 million cubic meters of gas in 2024, compared to 861 million cubic meters in 2023. In the first quarter of last year, Morocco imported 186 million cubic meters of gas, while in the second quarter gas imports reached 219 million cubic meters. Third quarter witnessed gas imports of 252 cubic meters, while in the fourth quarter, Morocco imported 229 million cubic meters. 'As shown in the numbers above, the third quarter recorded the highest level of Morocco's gas imports in 2024, aligning with seasonal demand trends, with an increase of 7 million cubic meters year-on-year,' Attaqa wrote. The only decline was recorded in the second quarter, dropping by 15 million cubic meters compared to 2023, when the North African country imported 234 million cubic meters of gas, the same statistics show. Last year, July and August were the months that witnessed the highest level of Morocco's gas imports. Despite this import activity, Morocco has pledged measures to be self-sufficient in terms of natural gas production. In February, CEO of Sound Energy Graham Lyon said undiscovered potential gas in eastern Morocco could exceed 20 trillion cubic feet. Earlier this year, British company Sound Energy announced a gas liquefaction facility at the Tendrara field in eastern Morocco. This means Morocco is poised to join the liquified natural gas production market for the first time in its history by the end of this year. The measure also seeks to reduce Morocco's reliance on gas imports, elevating the pressing need to rely locally on electricity and phosphates, among other energy sources.
