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51

OMV agrees to divest parts of its Upstream business in Tunisia

OMV reached an agreement to sell its 100% owned subsidiary, OMV Tunisia Upstream.


 

Vienna, November 7 - Neftegaz.RU. OMV has reached an agreement to sell its 100% owned subsidiary, OMV Tunisia Upstream, to a subsidiary of Panoro Energy, an Oslo-listed, London-based international independent oil & gas company.   

 

OMV Tunisia Upstream GmbH holds 49% interests in the Cercina/Cercina Sud, El Ain/Gremda, El Hajeb/Guebiba and Rhemoura concessions in Tunisia and 50% of the shares in the Thyna Petroleum Services Operating Company (TPS).

 

 The agreement will be signed shortly following an equity private placement exercise by Panoro. The agreed purchase price is $65 million, subject to closing adjustments. The effective date of the transaction is January 1, 2018. Average production of the divested assets in 2017 was around 2 kboe/d, net to OMV.

 

 The remaining stakes in the concessions and in TPS continue to be held by the Tunisian National Oil Company (ETAP).  «The divestment represents a further step in optimizing OMV’s Upstream portfolio» , said Johann Pleininger, OMV Deputy Chairman of the Executive Board.

 

 OMV continues to be committed to Tunisia and the ongoing development of its 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 (approx. 300 km to the north). 

 

Source : Neftegaz.RU