OMV to sell parts of upstream business in Tunisia

OMV AG has agreed to sell its wholly owned subsidiary OMV Tunisia Upstream GmbH to a subsidiary of Panoro Energy ASA, London, for US$65 million, subject to adjustments.

OMV Tunisia Upstream holds 49% interests in the Cercina-Cercina Sud, El Ain-Gremda, El Hajeb-Guebiba, and Rhemoura concessions in Tunisia and half of the shares in Thyna Petroleum Services SA Operating Company (TPS).

The remaining stakes in the concessions and in TPS continue to be held by Tunisian National Oil Company.

Average production of the divested assets in 2017 was about 2,000 boe/d, net to OMV.

The agreement will be signed following an equity private placement exercise by Panoro.

OMV will continue the ongoing development of hydrocarbon resources in south Tunisia, in particular the development of the Nawara Concession, involving gas field infrastructure and a pipeline from a central processing plant in the concession to Gabes, 300 kilometres to the north.

Source: Oil & Gas Journal