Italy's Eni SpA and Qatar Petroleum said March 13 they signed a farm-out agreement, which grants Qatar Petroleum a 30% stake in the Tarfaya offshore shallow petroleum agreement that covers 12 exploration blocks offshore Morocco.
The agreement is still subject to approval by Moroccan authorities.
Qatar Petroleum said the first phase of exploration, which is targeted to be completed in 2020, includes geological and geophysical studies to assess the potential of the blocks. The area has water depth of up to 1,000 meters and covers a total area of around 23,900 square kilometers.
With the deal, Eni subsidiary Eni Maroc will reduce its interest in the blocks to 45% from 75%, and Morocco's Office National des Hydrocarbures et des Mines will retain a 25% stake.