Italy's ENI SpA (ENI.MI) has signed an agreement with Morocco's National Bureau of Hydrocarbons and Mines--known as ONHYM--to explore the Tarfaya offshore-exploration area, the company said Wednesday.
ENI said it will be the operator of the license, with a 75% stake, while ONHYM will retain a 25% stake.
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The drilling rights cover almost 24,000 square kilometers of shallow offshore waters divided into 12 separate exploration areas, the company said.
The agreement is in line with ENI's strategy of broadening its exploration portfolio into basins with high hydrocarbon potential, it added.
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(END) Dow Jones Newswires
December 20, 2017 11:12 ET (16:12 GMT)