Eni agreed to farm out a 30 per cent participating interest in Tarfaya Offshore Shallow Petroleum Agreement, to an Arabian Gulf state petroleum company.
Comprising 12 exploration blocks in the offshore of Morocco, the Tarfaya Area is located in the southern part of the Moroccan offshore shallow waters in water depth up to 1,000 meters and covers a total area of approximately 23,900 km2.
Eni, through its subsidiary Eni Maroc, and Office National des Hydrocarbures et des Mines (ONHYM) currently is the operator and holds a participating interest of 75 per cent and 25 per cent respectively.
The parties are currently performing geological and geophysical studies as part of the first exploration period work program under the Tarfaya Petroleum Agreement, Eni said.
Following the transaction, the partnership will be Eni (45 per cent), Office National des Hydrocarbures et des Mines (25 per cent), and the Gulf state company holding 30 per cent.
The agreement is subject to the authorisation by the Moroccan authorities.
Eni is present in Morocco since 2016 when established its wholly-owned subsidiary Eni Maroc.