0.5 billion cubic meters20 Jan 2020 13:42
SOUND ENERGY AND ONEE HAVE UNTIL END OF MARCH 2020 TO CONCLUDE A FINAL GAS SALE AGREEMENT (AVG). AN AMENDMENT TO THE AGREEMENT PROTOCOL SIGNED IN OCTOBER WILL BE CONCLUDED TO CONTINUE NEGOTIATIONS.
Sound Energy has just announced an ongoing amendment to the memorandum of understanding signed with the National Electricity and Drinking Water Authority (ONEE) last October. The purpose of this amendment is to extend the negotiation period until March 31, 2020, to finally seal the gas sales agreement. Indeed, following an agreement in principle already concluded, "the two parties thus intend to conclude the said amendment as soon as possible", informs us the group specialized in gas exploration. Upstream, within the framework of the negotiations relating to the Tendrara concession, Sound Energy announced on October 30 last that it had concluded a binding memorandum of understanding with ONEE, on behalf of its partners, including the National Office of hydrocarbons and mines of Morocco (ONHYM). Under this memorandum of understanding, the parties agreed to continue negotiations to conclude a binding gas sales agreement before the end of calendar year 2019, incorporating key terms on which both partners have agreed. agreed. Something that will have to be done before the end of the first quarter of 2020.
0.5 billion cubic meters in the first year
ONEE had signed a memorandum of understanding with Sound Energy Morroco East Limited. The purpose of this agreement is to supply the office’s power plants with natural gas, extracted from the Tendrara site. The natural gas plants mentioned will thus be able to operate as much as possible at peak speed. Even with this new production configuration, the contribution of these plants to cover national demand for electrical energy will still fall from 14% at the end of 2018 to less than 3% by the year 2030. As a reminder , the quantities of gas purchased from Sound Energy will be used, over a period of 10 years, to supply the power plants of Tahaddart 380 MW (Tangier region) and Aîn Béni Mathar 450 MW (Oriental region). In the first year, after entering into the agreement, approximately 0.5 billion cubic meters will be delivered. Regarding the electricity sales price, it is set by the State and is not subject to indexation on the purchase prices of fuels.
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