Article length: 471 words
Tunisia: OMV sells Gulf of Gabès assets to focus on Nawara
OMV’s sale of a group of on and offshore fields in the Gulf of Gabès to a subsidiary of the London-based but Oslo-listed Panoro Energy further concentrates its focus on operations in southern Tunisia surrounding the Nawara project, which is due to start production in June 2019 – three years later than originally planned. Panoro Tunisia Production (PTP) has agreed to buy OMV Tunisia Upstream GmbH for $65m in cash. OMV holds a 49% interest in five oil producing concessions with net 2P reserves of 8.1m barrels, and net production of approximately 2,000 b/d from 14 wells.
Credit value: 6