Offshore staff

OSLO, Norway – Panoro Energy has agreed to acquire OMV’s Tunisian subsidiary OMV Tunisia Upstream for $65 million.

The Tunisian company has a 49% interest in five oil producing concessions: Guebiba/El Hajib, Rhemoura, El Ain, Cercina, and Cercina South.

All are in shallow water offshore and onshore areas close to the city of Sfax, and adjacent to theSfax Offshore exploration permit, which Panoro operates following another recent acquisition from DNO.

Collectively the concessions hold net 2P reserves of 8.1 MMbbl and net production of around 2,000 b/d from 14 wells.

In addition, OMV Tunisia Upstream owns 50% of Thyna Petroleum Services which serves as operating company for the five oil concessions.

Panoro sees the transaction as another step toward its goal of becoming a full-cycle African focused E&P independent.

The concessions offer long life and low risk production potential, it adds, with a stable production history since the 1990s and significant amounts of oil yet to be recovered.

Operating costs are around $12/bbl and Panoro views the fiscal terms as attractive.

ETAP, the Tunisian national oil company, is the other partner.

11/07/2018