S&P Global
Author Robert Perkins
Editor Jonathan Dart
London — Qatar Petroleum has agreed to farm into 12 exploration blocks offshore Morocco where Italy’s Eni is targetting an oil find with early-stage exploratory work.
Under a farm-out agreement signed with Eni, state-run Qatar Petroleum will acquire a 30% participating interest in the Tarfaya Offshore Shallow Petroleum Agreement, which covers 12 exploration blocks offshore Morocco, Eni said Wednesday.
The Tarfaya Area is located in the southern part of the Moroccan offshore shallow waters in water depths of up to 1,000 meters and covers a total area of 23,900 sq km.
Eni currently operates the area with a 75% interest alongside Morocco’s Office National des Hydrocarbures et des Mines (ONHYM) which holds the remaining 25% stake.
The companies are currently performing geological and geophysical studies as part of an initial exploration work program. When Eni picked up the exploration area in late 2017, it said the blocks had “liquid hydrocarbons potential in place.”
QP has already undertaken several moves in recent years to expand its overseas footprint. Earlier this week QP agreed to acquire a 25.5% interest in Block A5-A, offshore Mozambique from Eni. QP has also recently undertaken positions in Argentina, Brazil, Congo, Cyprus, Oman, and South Africa.
Eni said the latest deal, which is subject to approval by the Moroccan authorities, will reduce its stake in the Tarfaya area to 45%.
— Robert Perkins, robert.perkins@spglobal.com
— Edited by Jonathan Dart, newsdesk@spglobal.com
