OMV Sells Some Tunisian Assets

Austrian OMV is selling its upstream division in Tunisia to a subsidiary of Norwegian Panoro Energy for $65mn. These include its 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, OMV said November 6.

The agreement will be signed following an equity private placement exercise by Panoro. The effective date of the transaction is January 1, 2018. Average production of the divested assets in 2017 was around 2,000 barrels of oil equivalent/day, net to OMV. The remaining stakes in the concessions and in TPS continue to be held by the Tunisian National Oil Company (Etap).

OMV said the sale represents a further step in optimising OMV’s upstream portfolio but that it remains 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, some 300 km to the north.  Oslo-listed Panoro Energy announced in June its agreement to acquire DNO's three assets offshore Tunisia: Sfax Offshore exploration permit, Ras El Besh concession, and Hammamet Offshore permit. 

Update Dec.21: OMV announced completion of its $65mn transaction with Panoro. 

OMV added that it retains 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 (TPS). Remaining stakes in the concessions and in TPS continue to be held by Tunisian state producer Etap. OMV said it remains committed to the ongoing development of its oil and gas resources in south Tunisia, in particular development of its Nawara concession, involving gas field infrastructure and a pipeline from a central processing plant in the concession to Gabes (300 km to the north).