Mubasher: Qatar Petroleum (QP) on Wednesday announced signing an agreement with Italian oil major Eni to acquire a 30% participating interest in the Tarfaya Shallow Exploration Permit in Morocco, Qatar's state-run giant said in a statement.
After approving the deal by the government of Morocco, Eni, the operator, will have a 45% participating interest, with Qatar Petroleum and Office National des Hydrocarbures et des Mines (ONHYM) holding 30% and 25% participating interests, respectively.
Spanning over 23,900 square kilometres in water depths of up to 1,000 metres, the Tarfaya Shallow Exploration Permit has 12 offshore blocks along the Atlantic coast of Morocco.
“This opportunity is in line with Qatar Petroleum’s strategy to enter into exploration activities in frontier basins with high hydrocarbon resource potential...to expand [its] portfolio at home and abroad,” Qatar Petroleum’s president and CEO Saad Sherida Al-Kaabi said.
