OMV sells Tunisian oil field stake to Perenco

  • Business & Finance

Austrian oil company OMV has closed the sale of its 50% stake in the Ashtart oil field, located in the Gulf of Gabes, Tunisia, as well as its 50% stake in the operating company SEREPT to Perenco. 

OMV’s average net production from Ashtart was 3,000 boe/d in 2016. The economic effective date of the transaction is January 1, 2016, OMV said on Wednesday.

The parties agreed not to disclose the value of the deal. Following the transaction, the remaining 50% stake in both Ashtart and SEREPT continues to be held by the Tunisian National Oil Company (ETAP).

OMV explained that the divestment of the Ashtart field fits with its strategy to optimize the portfolio.

“Corresponding to the overall investment climate OMV is committed to further invest into the development of resources in Tunisia and in particular in South Tunisia with the objective to increase production and reserves levels,” the Austrian oil company said.

OMV is working on the development of the Nawara concession within the Jenein Sud exploration area which contains a number of discoveries.

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