Italian Oil & Gas Company Eni has signed a Petroleum Agreement (PA) with the Moroccan State Company ONHYM to explore the Tarfaya Offshore area, located in the waters of the Atlantic Ocean offshore the cities of Sidi Ifni, Tan Tan and Tarfaya.
Under the agreement, Eni will be the Operator of the license with a 75 pc stake, while ONHYM will retain a 25 pc stake. The exploration rights cover an area of 23,900 square kilometers, divided into 12 separate exploration areas.
Eni says the new Petroleum Agreement will enable it 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 pc, ONHYM 25 pc, Woodside 25 pc, Chariot 10 pc) and the El Jadida Offshore license (Eni 75 pc, ONHYM 25 pc).
Eni is a multinational described as one of the global major petroleum companies. It has operations in 73 countries, employing 33,000 persons in the world and having a market capitalization of $55 billion, as of June 30, 2017.
The company constantly ranks among the top 100 on Fortune Global 500 list for largest companies by revenue. In 2016, the company was listed in the 65th place.