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OMV Agrees to Divest Parts of Its Upstream Business in Tunisia

Source: www.gulfoilandgas.com 11/6/2018, Location: Africa

OMV, the international integrated oil and gas company based in Vienna, has reached an agreement to sell its 100% owned subsidiary, OMV Tunisia Upstream GmbH, to a subsidiary of Panoro Energy ASA, an Oslo-listed, London-based international independent oil and 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 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).

“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 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).

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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