London-listed minnow Sound Energy is increasing its stake in the planned Tendrara gas development in eastern Morocco from 47.5% to 75% with the purchase of partner Schlumberger’s 27.5% stake.
Though Sound reckons it can profitably develop the 0.38tcf (2C) 2007 discovery with potential output of 60mn cfd (MEES, 24 May 2019), Schlumberger is evidently not convinced. The global services giant has agreed to accept the princely sum of $1 for one of its few global upstream stakes. Schlumberger will also receive 8-11% of the net profits arising from any future development. (CONTINUED - 178 WORDS)