Eni agreed to participate by a 30% interest in Tarfaya offshore Shallow Petroleum Agreement to an Arabian Gulf state petroleum company, Pipeline Oil and Gas Magazine reported.
The agreement is to be approved by Morocco’s authorities.
Eni’s subsidiary, Eni Maroc, and Office National des Hydrocarbures et des Mines (ONHYM) currently are the operators and hold a participating interest of 75% and 25% respectively.
Under the agreement, the parties are in the exploration period work program and perform geological and geophysical studies.
After that, Eni will hold a 45% interest, Office National des Hydrocarbures et des Mines will own a 25% interest, and the Gulf state company will hold the remaining 30%.
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.