Eni has signed a farm-in agreement with Chariot Oil & Gas to enter into Rabat Deep Offshore exploration permits I-VI, located in the Northern Atlantic Margin of Morocco.
The agreement, which is subject to the authorization of the Moroccan authorities, would see Eni secure a 40 percent operated interest in the permits and the exploration rights over an area of 4,162 square miles.
Commenting on the deal, Eni stated in a company release:
“This agreement will enable Eni to expand its presence in the Atlantic Margin of an important region such as the North Africa, in line with the company’s strategy aimed at diversifying its exploration portfolio in basins with high hydrocarbons potential.”
Following the completion of the agreement, Woodside would hold a 25 percent interest in the permits, as would the Office National des Hydrocarbures et des Mines, and Chariot would retain a 10 percent interest.
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