Eni has signed a Petroleum Agreement (PA) with the Moroccan State Company ONHYM to enter into the Tarfaya Offshore Shallow exploration permits I-XII, located in the waters of the Atlantic Ocean offshore the cities of Sidi Ifni, Tan Tan and Tarfaya.
Following the agreement, which is subject to the authorization of the Moroccan authorities, Eni will be the Operator of the license with a 75% stake, while ONHYM will retain a 25% stake. The exploration rights cover an area of 23,900 km2, with a water depth ranging from zero to 1,000 m, 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%, ONHYM 25%, Woodside 25%, Chariot 10%) and the El Jadida offshore license (Eni 75%, ONHYM 25%).
Source: World Oil