A project to produce gas has been collaborated on by Morocco and the UK. British energy company Sound Energy put out the concept, and Attijariwafa Bank opted to support it.

The project will improve the gas infrastructure in the Tendrara region of Morocco, which will result in major economic expansion, the creation of jobs, and greater investment.

The money will go toward pipeline construction, well drilling, and well-operation to deliver the natural gas to the buyer, the National Office of Electricity and Drinking Water.

The investment received a quick return because the news caused Sound Energy’s stock price in London to increase by 6.2%.

The firm and the Moroccan bank began talking on June 23 of last year. With a two-year grace period, the investment will be paid back over a period of 12 years.

The largest natural gas discovery in the Kingdom, worth an estimated 377,000 billion cubic feet, was made in the Tendrara region.

With a 28,000 square kilometer holding, Sound Energy is in possession of the country’s largest hydrocarbon exploration territory.

Presently, 10% of Morocco’s yearly gas consumption is fulfilled by the country’s 100 million cubic meter production. Through global marketplaces, the remaining demand is satisfied.

Prior to the expiration of the contract with Algeria, Morocco used the Maghreb-Europe Gas Pipeline to import gas from Algeria. However, Morocco switched to using the pipeline to receive liquefied natural gas from the European market via Spain.

Leila Benali, Morocco’s Minister of Energy Transition and Sustainable Development, claimed in an interview that new finds will result in a 300 million cubic meter boost in the nation’s natural gas output.

Thanks to the growth of the Tendrara and Larache districts, the Moroccan government expects to achieve 400 million cubic meters in the upcoming years, which would satisfy 40% of the nation’s energy needs.

Morocco is dedicated to boosting production and setting up the required infrastructure for gas supply from abroad in order to guarantee a stable local electrical system and satisfy the needs of energy-intensive sectors.

This plan will assist in balancing variations in the output of electricity from renewable sources.

Read Also: Sound Energy to Start Delivery of Liquefied Natural Gas in 2024

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The Nigeria-Morocco Gas Pipeline Project has received the “full backing” of the Economic Community of West African States (ECOWAS) Commission, which has stated its commitment to the project.

Sediko Douka, the ECOWAS Commissioner for Infrastructure, Energy, and Digitalization, lavished praise on the Nigerian and Moroccan project initiative, “saluting” the two nations for “having had this vision of the future which will definitively establish the energy independence of our region and the strengthening of South-South cooperation.”

The ECOWAS executive also stated that the steering committee and technical committee of the project, among other statutory bodies, will “meet shortly for its implementation,” highlighting the fact that the project is timely given the lack of energy production infrastructure in the ECOWAS region.

With a high pricing of around 0.24 USD/kWh and a poor access rate of 53%, barely 60% of the energy demand in the country is met, according to Douka.

A day after King Mohammed VI’s speech honoring the 47th anniversary of the Green March, Douka delivered his remarks.

The monarch reaffirmed Morocco’s support for the initiative during his speech, which will allow Africa to produce energy independently and self-sufficiently.

The King emphasized that the project would secure peace for African economic integration and for co-development, saying, “I want this to be a strategic initiative that benefits all of West Africa — an area that is home to more than 440 million people.”

The Morocco-Nigeria gas pipeline, according to Douka, will allow member states that produce natural gas to profit from it to produce energy and the use of gas for domestic reasons, echoing the King’s support for the project.

In September, the ECOWAS Commission inked an agreement with Nigeria’s National Petroleum Company Limited (NNPC) and Morocco’s National office of Hydrocarbons and Mines (ONYUM).

The agreement is a component of the pipeline’s construction architecture, mobilizing resources to make the project’s development and execution possible as a single effort.

With a goal of helping more than 340 million people, the $25 billion project along the Atlantic coast will stretch 5,600 kilometers across 11 nations.

At a time when the continent may be trying to diversify its energy supplies, Morocco will host 1,672 kilometers of the pipeline that connects it to Europe through Spain.

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