Qatar Petroleum acquires 30% participating interest of Tarfaya Shallow Exploration Permit

State-owned petroleum company Qatar Petroleum announced, Wednesday, that it has reached an agreement with Italian multinational oil and gas company Eni to purchase 30 percent participating interested in the Tarfaya Shallow Exploration Permit, located offshore the cities of Sidi Ifni, Tan Tan and Tarfaya, reports Reuters.

According to the same source, Eni will have a 45 percent participating interest, while Qatar Petroleum will be left with 30 percent.

The remaining 25 percent will be left for Morocco’s Office National des Hydrocarbures et des Mines (ONHYM). The agreement will have to be approved by the Moroccan government before application.

For the record, the Tarfaya Shallow Exploration Permit covers 12 offshore blocks scattered along the Atlantic coast. In December 2017, ONHYM and Eni signed a petroleum agreement, covering the Tarfaya Offshore Shallow.