OMV has agreed to sell OMV Tunisia Upstream, its 100% owned subsidiary, to a subsidiary of London-based oil and gas company Panoro Energy.


Image: The OMV head office in the Hoch Zwei skyscraper in Vienna. Photo courtesy of DanielZanetti/Wikipedia.

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 S.A. Operating Company (TPS). The agreement will be signed shortly following an equity private placement exercise by Panoro.

The agreed purchase price is USD 65 mn, 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).

OMV upstream board member and executive board deputy chairman Johann Pleininger said: “The divestment represents a further step in optimizing OMV’s Upstream portfolio.”

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: Company Press Release