Eni reported today (20 December) it has signed a Petroleum Agreement (PA) with the Moroccan State Company ONHYM to enter into the Tarfaya Offshore Shallow exploration permits I-XII in the Atlantic Ocean offshore the cities of Sidi Ifni, Tan Tan and Tarfaya.
Under the agreement, Eni will become operator of the license with a 75% stake; ONHYM will retain a 25% stake. The exploration rights cover an area of 23,900sq km, with a water depth ranging from zero to 1,000m, and with liquid hydrocarbons potential in place.
The PA 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 said in a 20 December statement. 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%).