Qatar Petroleum Signs Agreement to Enter Twelve Exploration Blocks in Morocco

Doha, March 13 (QNA) - Qatar Petroleum entered into an agreement with Eni to acquire a 30 percent participating interest in the Tarfaya Shallow Exploration Permit, a series of 12 neighboring offshore blocks along the Atlantic coast of the Kingdom of Morocco. The agreement is subject to customary regulatory approvals by the government of Morocco. Following such approvals, the partners holding 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 occasion, HE Minister of State for Energy Affairs, President and CEO of Qatar Petroleum Saad bin Sherida Al Kaabi 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." HE Al Kaabi added: "We hope that the exploration efforts are successful, and we look forward to collaborating with our partners Eni and ONHYM. I would like to take this opportunity to thank the Moroccan authorities and our partners for their support." "This opportunity is in line with Qatar Petroleum’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," HE Al Kaabi concluded. The Tarfaya Shallow Exploration Permit covers a total area of approximately 23,900 kilometers squared 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. (QNA)