Qatar Petroleum is expanding its global portfolio entering into an agreement with Eni to acquire a 30 percent participating interest in the Tarfaya Shallow Exploration Permit off Morocco.
The company noted it is a series of 12 neighboring offshore blocks along the Atlantic coast of Morocco.
Following regulatory approvals, the partners holding a participating interest in the Tarfaya shallow exploration permit will be affiliates of each of Eni (operator) with a 45 percent participating interest, Qatar Petroleum with a 30 percent participating interest, and Office National des Hydrocarbures et des Mines (ONHYM) with the remaining 25 percent participating interest.
Commenting on this agreement, Saad Sherida Al-Kaabi, the minister of state for energy affairs, and president and CEO of Qatar Petroleum, said that this agreement represents a milestone in its partnership roadmap with Eni, adding that it is in line with Qatar Petroleum’s strategy to enter into exploration activities in frontier basins with high hydrocarbon resource potential as the company intensifies its efforts to expand the portfolio.
The Tarfaya shallow exploration permit covers a total area of approximately 23,900 km2 in water depths of up to 1,000 meters.
The first phase of exploration ending in 2020 will include conducting geological and geophysical studies with the objective of further defining potential prospects/leads and assessing the full potential of the blocks.