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Britain’s SDX in ‘Advanced Planning’ to Drill 12 Morocco Wells

A general view shows the Samir oil refinery in Mohamadia, Morocco, April 28, 2018. Image for illustrative purposes. REUTERS/Youssef Boudlal
A general view shows the Samir oil refinery in Mohamadia, Morocco, April 28, 2018. Image for illustrative purposes. REUTERS/Youssef Boudlal
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Britain’s SDX in ‘Advanced Planning’ to Drill 12 Morocco Wells

A general view shows the Samir oil refinery in Mohamadia, Morocco, April 28, 2018. Image for illustrative purposes. REUTERS/Youssef Boudlal
A general view shows the Samir oil refinery in Mohamadia, Morocco, April 28, 2018. Image for illustrative purposes. REUTERS/Youssef Boudlal

Planning for the drilling of 12 wells in Morocco is at an “advanced stage,” with the campaign targeted to begin in the fourth quarter of 2019 and complete in the first half of 2020, Britain’s SDX Energy PLC, a North Africa-focused oil and gas company, has announced.

All long lead items have been ordered and all key contracts finalized, SDX announced in a statement. The program will be targeting 15bcf of gross unrisked prospective resources at the Gharb Basin, north of Rabat, it said.

According to the company, its Morocco gas sales are now at an average of 745 boe/d.

The company's Moroccan acreage consists of five concessions, all of which are located in the Gharb Basin in northern Morocco: Sebou, Lalla Mimouna Nord, Gharb Centre, Lalla Mimouna Sud, and Moulay Bouchta Ouest, with the latter two secured by the firm during the first half of 2019.

In 2018, the company began selling natural gas to Peugeot, Extralait, and GPC Kenitra. During the first half of 2019, natural gas sales began to three additional customers: Setexam, Citic Dicastal and Omnium Plastic.

The six new customers have been increasing their consumption rates, with several expected to reach stabilized rates during the second half of the year, the statement added.

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FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
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ECB's Lagarde Renews Integration Call as Trade War Looms

FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo

European Central Bank President Christine Lagarde renewed her call for economic integration across Europe on Friday, arguing that intensifying global trade tensions and a growing technology gap with the United States create fresh urgency for action.
US President-elect Donald Trump has promised to impose tariffs on most if not all imports and said Europe would pay a heavy price for having run a large trade surplus with the US for decades.
"The geopolitical environment has also become less favorable, with growing threats to free trade from all corners of the world," Lagarde said in a speech, without directly referring to Trump.
"The urgency to integrate our capital markets has risen."
While Europe has made some progress, EU members tend to water down most proposals to protect vested national interests to the detriment of the bloc as a whole, Reuters quoted Lagarde as saying.
But this is taking hundreds of billions if not trillions of euros out of the economy as households are holding 11.5 trillion euros in cash and deposits, and much of this is not making its way to the firms that need the funding.
"If EU households were to align their deposit-to-financial assets ratio with that of US households, a stock of up to 8 trillion euros could be redirected into long-term, market-based investments – or a flow of around 350 billion euros annually," Lagarde said.
When the cash actually enters the capital market, it often stays within national borders or leaves for the US in hope of better returns, Lagarde added.
Europe therefore needs to reduce the cost of investing in capital markets and must make the regulatory regime easier for cash to flow to places where it is needed the most.
A solution might be to create an EU-wide regulatory regime on top of the 27 national rules and certain issuers could then opt into this framework.
"To bypass the cumbersome process of regulatory harmonization, we could envisage a 28th regime for issuers of securities," Lagarde said. "They would benefit from a unified corporate and securities law, facilitating cross-border placement, holding and settlement."
Still, that would not solve the problem that few innovative companies set up shop in Europe, partly due to the lack of funding. So Europe must make it easier for investment to flow into venture capital and for banks to fund startups, she said.