Eni has agreed to farm out a 30percent interest in the Tarfaya Offshore Shallow Petroleum Agreement to Qatar Petroleum, subject to approval by the Moroccan authorities.
The 23,900-sq km (9,228-sq mi) Tarfaya Area, covering 12 exploration blocks, is in waters up to 1,000 m (3,281 ft) deep off the country’s southern coast.
Eni Maroc operates in partnership with state-owned Office National des Hydrocarbures et des Mines (ONHYM).
Currently the focus is on geological and geophysical studies to fulfil commitments for the first exploration period work program.
Assuming clearance for the transaction, Eni will have a 45% interest, Qatar Petroleum 30%, and ONHYM 25%.
Eni and Qatar Petroleum are also partners in exploration acreage offshore Mozambique, Oman, and Mexico.
In a related development, Eni has discovered another large oil field in block 15/06, offshore Angola.
The drillship Poseidon drilled the Agogo-1 NFW well in 1,636 m (5,367 ft) water depth, 180 km (112 mi) offshore and around 20 km (12.4 mi) west of the FPSO N’Goma serving the block’s West Hub.
Eni estimates in-place light oil in the range of 450-650 MMbbl, with further upside.
The well encountered a single oil column of around 203 m (666 ft) with 120 m (394 ft) of net pay of good quality (31° API) oil in a subsalt diapirs setting in Lower Miocene sandstones with strong petrophysical properties. Well results indicate a production capacity of more than 20,000 b/d.
This was the third new commercial find on the block since the partners resumed exploration drilling last year. The earlier discoveries were Kalimba and Afoxé.
Agogo also opens the potential for new opportunities for oil exploration below salt diapirs in the northwestern part of the block, Eni added. The company used its proprietary seismic imaging technologies for mapping and drilling of the prospect.
Other partners in the Block 15/06 Joint Venture are Sonangol P&P and SSI Fifteen. The focus now will be on appraising the discovery and initiating studies for fast tracking development, Eni said.