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OMV to sell parts of its upstream business in Tunisia

Nov 07, 2018
2 min read
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OMV, the international integrated oil and gas company based in Vienna, agreed to sell its wholly-owned subsidiary, OMV Tunisia Upstream GmbH, to a subsidiary of London-based Panoro Energy ASA for $US65 million.

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

The agreement will be signed shortly following an equity private placement exercise by Panoro. The agreed purchase price of $65 million is subject to closing adjustments. The effective date of the transaction is January 1, 2018. Average production of the divested assets in 2017 was around 2,000 barrels of oil equivalent per day, 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 Board Member Upstream and Deputy Chairman of the Executive Board.

OMV said it will continue the 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).

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