Eni entered the upstream of Morocco in 2016 by signing an agreement with Chariot Oil & Gas for the acquisition of a stake (Farm-Out Agreement), to enter into Rabat Deep Offshore exploration permits, located in the Northern Atlantic Margin of Morocco. The agreement provides for the assignment to Eni of the role of operator and a 40% stake in the license as well as the exploration rights on an area of 10,780 sq km and with a water depth ranging from 150 to 3,500 meters . Other partners are Woodside (25%), Chariot (10%) and Office National des Hydrocarbures et des Mines (ONHYM 25%). The area, hitherto unexplored, is considered promising for the discovery of liquid hydrocarbons.
In 2017 Eni signed a Petroleum Agreement (PA) with the Moroccan State Company ONHYM to enter into the Tarfaya Offshore Shallow exploration permits I-XII, located in the waters of the Atlantic Ocean offshore the cities of Sidi Ifni, Tan Tan and Tarfaya.
Following the agreement, which is subject to the authorization of the Moroccan authorities, Eni will be the Operator of the license with a 75% stake, while ONHYM will retain a 25% stake. The exploration rights cover an area of 23,900 square kilometers, with a water depth ranging from zero to 1,000 metres, and with liquid hydrocarbons potential in place.
The new Petroleum Agreement 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 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%),
These agreements, which are subject to the authorization of the Moroccan authorities, will enable Eni to expand its presence in the Atlantic Margin of an important region such as the North Africa, in line with the Company’s strategy aimed at diversifying its exploration portfolio in basins with high hydrocarbons potential.