SDX Energy expects its revenues to quadruple in the next three years in Morocco

The British company SDX Energy plans to multiply its revenues by four in Morocco, in the next three years, said Paul Welch CEO of SDX to the news agency Reuters. The company that produces 6 million standard cubic feet of gas a day in Morocco plans to raise its production to 18 million standard cubic feet by the end of this year, eventually raising the full capacity of its pipelines to 24 million cubic feet per day.

Engaged in exploring, developing and operating oil and gas properties, the North Africa focused company invested $30 million in a drilling project in Morocco. The latter concluded the same month with the successful drilling of seven wells out of nine. The nine well drilling program, covered six wells in Sebou, one well in Gharb Centre and two exploration wells in Lalla Mimouna.

As far as additional drilling activities in the country are concerned, Welch told Reuters «with no plans to invest in additional drilling activities in Morocco this year, SDX Energy will spend $6.5 million on a three-dimensional seismic survey aimed at supporting successful drilling opportunities in the future». However, the company will likely start making small profits in 2019, the CEO added.