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QP acquires 12 exploration blocks in Morocco

QP acquires 12 exploration blocks in Morocco

Tribune News Network
Doha
Qatar Petroleum (QP) has agreed with Italian oil major Eni to acquire a 30 percent participating interest in the Tarfaya Shallow Exploration Permit, a series of 12 neighbouring offshore blocks along the Atlantic coast of Morocco.
The agreement, which is subject to regulatory approvals from Morocco, will leave the operator Eni with a 45 percent participating interest and Qatar Petroleum and Morocco’s Office National des Hydrocarbures et des Mines (ONHYM) with 30 percent and 25 percent, respectively.
“This agreement represents another important milestone in our partnership road map with Eni, and further strengthens our distinguished long-term relationship with Morocco,” Minister of State for Energy Affairs, President and CEO of Qatar Petroleum HE Saad bin Sherida al Kaabi said.
“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,” he added.
“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,” Kaabi concluded.
The Tarfaya Shallow Exploration Permit covers a total area of 23,900 sq km in water depths of up to 1,000 metres. 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.

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