Sound Energy, the operator of the onshore Tendrara license in Morocco, has entered into a Field Management Agreement (FMA) with an affiliate of Schlumberger Oilfield Holdings Limited that will provide integrated technical services, equipment and personnel, reported the Scandinavian Oil & Gas Magazine.
Schlumberger will fund a significant proportion of the capital expenditure (capex) on the first three Tendrara appraisal wells – 80% of the first well, 75% of the second, and 75% of the third. It will also fund subsequent development of the license.
Originally, Sound Energy was supposed to fund the full cost of the first three appraisal wells in cooperation with the Moroccan Oil and Gas Investment Fund, under the terms of its entry into Morocco in June 2015. E&P Magazine quoted James Parsons, CEO of Sound Energy, as saying that Schlumberger’s involvement will help de-risk the asset.