Eni has reached an agreement with Chariot Oil & Gas to farm in to the Rabat Deep Offshore exploration permits I-VI, located in the Northern Atlantic Margin of Morocco, Eni said in a news release.

As part of the agreement, Eni will become operator and get a 40% stake of the license as well as exploration rights across a 10,780-sq-km area, with a water depth ranging from 150 m to 3,500 m, the release said.

The area is unexplored but Eni said there is prospect of finding liquid hydrocarbons.

Completion of the agreement is subject to the authorization of Moroccan authorities as well as the approval of partners and other conditions precedent. When the deal is complete, the license will include: Eni, operator, 40%; Woodside, 25%; Chariot, 10%; and the Office National des Hydrocarbures et des Mines, 25%, the release said.

Offshore