Italian company ENI has acquired 40 per cent equity interest in four offshore Morocco acreages
The statement is being viewed as a vote of confidence shown in the country’s hydrocarbon system.
The decision includes operatorship of the acreages as well. In February this year, Chevron farmed down its interest in three deepwater tracts by up to 40 per cent.
Deepwater Morocco has steadily aroused interest in the last four years, in the certainty of yielding dry holes for exploration companies. ENI, which has arguably been the most aggressive international explorer in Africa in the last three years, is acquiring from Chariot Oil&Gas’s interest in Rabat Deep Offshore exploration permits I-VI.
The European major will carry Chariot in a deepwater well on the JP-1 prospect to an agreed cap and for other geological and administrative costs relating to work commitments in the next license period. It will also pay a contribution towards Chariot’s investment to date.
Following completion of this agreement the licence ownership will be as follows – Eni (operator, 40 per cent equity interest), Woodside (25 per cent equity interest), Chariot (10 per cent equity interest) and Office National des Hydrocarbures et des Mines (25 per cent carried interest). The completion of this farm-out agreement remains subject to the approval of the Moroccan authorities.
