Qatar Petroleum Joins Eni in Major Moroccan Offshore Oil Exploration Project

In detail, the Italian oil and gas giant Eni has just announced that it has sold 30% of its stake in the "Tarfaya Offshore Shallow Petroleum" project to Qatar Petroleum, but this agreement between the two companies must still receive the approval of the Moroccan authorities. This project, it should be recalled, includes twelve drilling blocks, covers approximately 23,900 km2 and is carried out at a depth of 1,000 meters.

To sign this agreement, the Italian company went through its Moroccan subsidiary Eni Maroc which holds 75% of this project, the remaining 25% belonging to the Moroccan National Office of Hydrocarbons and Mines (ONHYM).

If the agreement is validated by the Moroccan government, the shareholding structure will be composed of the three parties: 45% for Eni, 30% for Qatar Petroleum, and 25% for ONHYM.

It should be noted that the offshore prospecting off Tarfaya is not to the liking of environmentalists from the Canary Islands who have protested several times with the local and central government.