Eni farms out to QP in Morocco29 Aug 2019 21:14
Qatari state giant set to acquire a 30% interest in the shallow water project
Italian player Eni and Qatar Petroleum have signed a farm out agreement covering the Tarfaya project off Morocco.
Under the deal, with an undisclosed value, the Qatari state giant is set to acquire a 30% participating interest in the shallow water project.
The Tarfaya shallow exploration permit, which comprises 12 exploration blocks, covers a total area of approximately 23,900 square kilometres in water depths of up to 1000 metres.
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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.
Following the deal, Eni will continue to operate the project with a 45% interest, together with Office National des Hydrocarbures et des Mines on 25%, and QP (30%).
Saad Sherida Al-Kaabi, QP's chief executive said: “This agreement represents another important milestone in our partnership roadmap with Eni, and further strengthens our distinguished long term relationship with the Kingdom of Morocco.”
“We hope that the exploration efforts are successful, and we look forward to collaborating with our partners Eni and ONHYM.”
“This opportunity is in line with QP’s strategy to enter into exploration activities in frontier basins with high hydrocarbon resource potential as we intensify our efforts to expand our portfolio at home and abroad,” Al-Kaabi said.
Earlier this week, QP entered into an agreement with Eni to acquire a share in block A5A, located in the Angoche basin, offshore Mozambique. Under the deal, QP acquired a 25.5% interest in the Eni-operated project.
Eni and QP are also partners in Oman and Mexico.
https://www.upstreamonline.com/live/1727956/eni-farms-out-to-qp-in-morocco
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