Eni said it signed a Petroleum Agreement (PA) with the Moroccan State Company ONHYM to enter into the Tarfaya Offshore Shallow exploration permits I-XII.
The permit is located in the waters of the Atlantic Ocean offshore the cities of Sidi Ifni, Tan Tan and Tarfaya, Eni said in a statement.
Following the agreement, which is subject to the authorisation of the Moroccan authorities, Eni will be the operator of the license with a 75 per cent stake, while ONHYM will retain a 25 per cent stake. The exploration rights cover an area of 23,900 square kilometers, with a water depth ranging from zero to 1,000 metres, and with liquid hydrocarbons potential in place.
The new Petroleum Agreement enables Eni to enlarge its existing position in Morocco, in line with the Company’s strategy aimed at diversifying its exploration portfolio in basins with high hydrocarbon potential.
Eni is already present in Morocco through its operatorship in the Rabat Deep Offshore license (Eni 40 per cent, ONHYM 25 per cent, Woodside 25 per cent, Chariot 10 per cent) and the El Jadida Offshore license (Eni 75 per cent, ONHYM 25 per cent).