Friday, September 12, 2014

Chinook Energy Inc completed the sell of its assets in Tunisia

Chinook Energy Inc (Chinook) reported on 19 August 2014 that it completed the sale of its Tunisian assets to Medco Tunisia Petroleum Ltd (Medco), a subsidiary of PT Medco Energi Internasional Tbk effective 1 January 2014. The deal was initially planned to be completed by December 2014.
On 15 June 2014, Chinook’s subsidiary Storm Ventures International signed an agreement with Medco to sell all of its interests in Tunisia for USD 127.7 million.
Chinook, through its local subsidiary had interests in eight permits: four development leases namely,
Adam (5%), Cosmos (op, 80%), Yasmine (100%), Bir Ben Tartar (op, 86%); and four exploration contracts namely, Sud Remada (op, 86%), Borj El Khadra (5%), Hammamet Offshore (op, 35%), Jenein Centre (op, 65%).
Indonesian PT Medco Energi has interests in Indonesia, Oman, Yemen, Lybia, Papua New Guinea andGulf of Mexico.



Wednesday, September 10, 2014

DNO Tunisia to start the spud in Sfax offshore

According to our trusted sources, DNO Tunisia, will start the spud at the Sfax offshore exploration permit this weekend, further details coming very soon.

The 1.0-million-acre Sfax Offshore Exploration Permit is located within a hydrocarbon fairway that trends from offshore Libya, through the Gulf of Gabes, to onshore Tunisia and includes several major oil and gas fields. The Sfax permit is bordered by producing oil and natural gas fields to the west, north and east, including the 330-million-barrel Ashtart oil field adjacent to the southeast boundary. Over the past 40 years, previous operators drilled and flow-tested oil from three separate structures on the Sfax permit at daily equivalent rates of 600, 1,200 and 1,800 barrels of oil per day. At that time, the operators considered these structures sub-economic and the wells were abandoned.

Tuesday, September 09, 2014

Tunisia seeking investors for USD6.8bn in infrastructure projects

GAMMARTH, Tunisia, Sept 8 (Reuters) - Tunisia is seeking foreign investors for $6.82 billion worth of infrastructure and development projects, as the government tries to prop up its faltering economy.
"We have a 22 projects in many sectors, including energy, tourism, transport and infrastructure which we will propose to foreign investors present in Tunisia", said Nidhal Ouerfelli, Tunisia's secretary for economy affair. They include projects for the construction of dams and port in the city of Ennfidha.
Tunisia will hold its second free election next month, three years after expelling an autocratic regime. Its exercise in democracy is being praised as a model of political compromise in an unstable region.

But a successful transition to democracy depends on stability and economic recovery, Prime Minister Mehdi Jomaa told an investment conference on Monday. The government cut its forecast for economic growth for the third time this year on Thursday, from 3 percent to between 2.3 and 2.5 percent.

Its budget deficit is set to reach 8 percent of gross domestic product this year, mostly because of wage costs for public workers and subsidies left over from the rule of ousted leader Zine El-Abidine Ben Ali. ($1 = 1.7607 Tunisian dinars) (Reporting By Tarek Amara; Editing by Larry King) ((tarek.amara@thomsonreuters.com;))
Keywords: TUNISIA INVESTMENT

TUNIS, (TAP)- The European Investment Bank (EIB) and Austrian oil and gas company OMV inked, Monday, a 230MTD loan agreement to develop the Nawara gas field, southern Tunisia.


  The agreement was signed on the sidelines of the Forum "Invest in Tunisia, Start-up Democracy;" this is the second loan extended by the EIB to fund this project.
A first financing contract worth 150 million Euros was signed, last March, with the Tunisian Oil Activities Company (ETAP).

The project consists in building a 370km gas pipeline from Nawara to Gabès, a gas power plant in Nawara and a gas processing facility in Gabès. This new infrastructure will help further tap existing reserves and supply the local market with natural gas, while welcoming other initiatives in the exploitation of hydrocarbons.

"The signing of this agreement is a positive message for investment in Tunisia, in addition to being highly symbolic for the Euro-Mediterranean partnership," said EIB's Vice President Philippe de Fontaine Vive. © Tunis-Afrique Presse 2014

Monday, September 08, 2014

Holders and niches to enter sectors to invest in Tunisia

If Tunisia aligns key sectors open to investment, it does not fail as profitable niches, all in a supportive environment and based on a clarified sector policy. This is what the government is proposing in sector paper presented at the International Conference: Investing in Tunisia. In detail, the document given to the participants back on every sector, but this time with a fresh perspective and real opportunities highlighted.

Among the niches to consider two major projects: the valuation of gypsum in Tataouine and the creation of an integrated industrial and recreational maritime cluster.


You can downloda the full report from here (French)

Tranlated from french from Leaders.

OMV: “Nawara Development Project on schedule” (press release)







  •  Bidding process completed for 370 km Tunisian pipeline
  •  Major contracts awarded, project relies on Tunisian partners


The Nawara gas field development project in Tunisia is proceeding as scheduled, and the bidding process has now been completed, relying on Tunisian partners.

The Nawara gas field development project is a 50/50 joint venture between the Austrian integrated oil and gas company OMV and the Tunisian National Oil Company ETAP (Entreprise Tunisienne d'Activités Pétrolières) that will produce Tunisian gas for the Tunisian market.

Commencing with an initial phase of nine drilled wells, the target is to reach a peak production of around 10.000 boe/d, providing more than 10% of Tunisia’s total gas requirements, while helping reduce the country’s dependency on imported gas. The one-billion-euro project entails the construction of a 370 km gas pipeline, stretching from the Central Processing Facility in Nawara, Southern Tunisia, to the eastern coastal city of Gabès. Gas treatment plants will ensure distribution to the Tunisian market.

“Unlocking additional gas resources in Southern Tunisia will have a very positive impact on the Tunisian economy. With regards to contractors, we have taken great care to ensure that the qualification and tender process has been fair and transparent. Bidding has been completed in strict accordance with international law,” said OMV Executive Board Member Jaap Huijskes.


A significant number of contracts have been awarded to local companies. Two of the three main project elements are to be completed via a German-Tunisian joint venture between Bouchamaoui Industries and Max Streicher GmbH, who  are constructing the central Processing Facility and pipeline; while the gas treatment plant in Gabès is being built by ABB Italy, partnering with the local Tunisian construction company CERI (Compagnie Eurafricaine de Réalisations Industrielles). The line pipe procurement contract has been awarded to Greek operator Corinth; while the line valve procurement has been contracted to British firm LFF.

ETAP is progressing the 12-inch spurline and the Processing unit of Tataouine. Engineering is now at an advanced stage. The Processing Facility site in Tataouine is identified and call for bids for the spurline and Processing Facility in Tataouine material purchases and fabrication contract will soon be launched.

Moreover, the joint-venture relies on various essential local partners including STEG (Société Tunisienne de l’électricité et du Gaz); STIR (Societe Tunisienne des Industries de raffinage); TRAPSA (Compagnie de Transport par Pipe-Line au Sahara); and SNDP (Societé Nationale de Distrubtion des Pétroles). Commercial gas will be delivered to STEG’s national commercial gas grid, at Gabès; and liquefied petroleum gas (LPG) products (propane and butane) to STIR via the SNDP Storage Facility, also at Gabès. Transport and storage of condensate will be handled by TRAPSA.

An environmental impact research taking into consideration the special environmental, ecological and social impact of the region has also been developed and approved by the National Agency for Environmental Protection (ANPE)
  
“This project is crucial to our growth in Tunisia,” said Jaap Huijskes. “We expect to create more than 1,000 temporary jobs and some 200 permanent jobs, bringing vital employment and investment to the country’s southern region. Tunisia plays a significant role in the history of OMV, and we are committed to further long-term investment, particularly in the south of the country.”


Background information:

OMV Aktiengesellschaft
With Group sales of EUR 42.41 bn and a workforce of around 27,000 employees in 2013, OMV Aktiengesellschaft is Austria’s largest listed industrial company. The Exploration and Production business segment has a strong base in Romania and Austria and a growing international portfolio. 2013 daily production stood at approx. 288,000 boe/d. In Gas and Power, OMV sold approximately 425 TWh of gas in 2013. OMV operates a gas pipeline network in Austria and gas storage facilities in Austria and Germany with a capacity of 2.6 bcm. In Refining and Marketing, OMV has an annual refining capacity of 17.4 mn tonnes and as of the end of 2013 approximately 4,200 filling stations in 11 countries including Turkey.















Wednesday, October 21, 2009

OMM, GAS provide ROV services for Tunisia project

BRISTOL, UK -- Offshore Marine Management (OMM), through its partnership with Geological Assistance and Services (GAS), has provided ROV services for the Baraka project in Tunisia.

The project required a barge-based vehicle spread incorporating ROV excursions of up to 400 m (1,312 ft) from the launch position and barge’s moored location(s). Operations involved de-burial, visual inspections, TDP, valve operations, pig detection, and other subsea construction support tasks with all associated tooling.


Source [offshore-mag]

Tuesday, August 04, 2009

Pioneer Natural Resources Reports Second Quarter 2009 Results

"The improving outlook for oil prices, coupled with our strong derivative positions, provide confidence in achieving cash flow of approximately $1 billion in 2010. As a result, we are preparing to resume an oil-focused drilling program with strong returns in the Spraberry field and Tunisia at the beginning of 2010. Additionally, we will continue our successful oil development program in Alaska and actively assess the resource potential of the Eagle Ford Shale play. This drilling program and the expiration of our 5 MBOEPD volumetric production payment obligation at the end of 2009 are expected to once again generate a quarterly production growth profile starting in the first quarter of 2010."
...
Daily production in Tunisia increased 29% compared to the first half of 2008. Drilling has been curtailed until early 2010 when new 3-D seismic will be fully processed.
...
The Company's third quarter effective income tax rate is expected to range from 40% to 50% based on current capital spending plans, higher tax rates in Tunisia and no significant mark-to-market changes in the Company's derivative position. Cash taxes are expected to be $5 million to $10 million and are primarily attributable to Tunisia.


Source [Trading Markets]

Saturday, July 04, 2009

Tunisia: New oil deposit discovered at El Borma oil field

Tunis, June 17, 2009- A new gas and oil deposit was recently discovered at El Borma’s “407″ oil field. It is estimated to have a capacity of some 10,000 barrels per day.

The number is likely to double following completion of works currently underway. This new discovery has required investments worth 20 million dinars.

According to 2007 figures, Tunisia’s oil production reached 6, 7 million tons per year. In 2004 it represented 3, 4 million tons. This increase is due to the finding of oil reserves in the south of the country, as well as offshore.

Even if the country’s oil production has increased, it remains below domestic consumption. In 2005 domestic consumption reached 53, 7 million barrels as opposed to a production of some 50 million barrels.

However the new finding in addition to other projected ones, is likely to help bring down the deficit generated by oil imports.

Tunisia’s south ensures most of the country’s production. In 2005, the region of Ghedames produced a number of small deposits such as those of “Dalia”, “Nour”, “Hawa” and “Adam” which totalled a production of some 70,000 barrels per day.

In 2006, the offshore site dubbed “Oudna” started production. According to the online economic news website “webmanagercenter”, it should reach a cruising speed of 15,000 barrels per day. “Oudna” which necessitated investments worth 130 million dollars, was attributed respectively to “Lundlin”, a Swedish company and the Chinese “Atantis”. It is the country’s 7 th operational offshore site.

This year the Ministry of industry, energy and small and medium enterprises has decided to increase the number of prospecting (57) and oil drilling (15) permits. Plans are also afoot to build a second oil refinery at Skhira in partnership with a Qatar- based company.


Via [Tunisia Online News]

German offshore companies in Tunisia doing well on the whole

Tunis, June 23, 2009- An annual survey carried out by the Tunisian German Chamber of Commerce and Industry was presented to the press in Tunis on Tuesday.

The survey shows that garment and textile sector continues to represent the bulk of German investments in Tunisia, with 61% of German offshore companies operating in the sector.

The second most important group of German exporting companies is made of electronic industries (28%).

Business wise, 61% of German companies operating in Tunisia say they have recorded positive results, however 61% also project a decrease in export profits in 2009 (15% in 2008).

A third of the companies surveyed are tabling on a stable or positive outlook for 2009.

Concerning Tunisia’s business environment, most of the companies surveyed, stress the country’s social and political stability, fiscal incentives and geographic proximity.

Insofar as improvements are concerned, they evoke the low productivity of workers, administrative rigidity and the non availability on the market of certain qualifications.

German offshore companies also wish for a strengthened economic exoneration, the modernization of the administration and the improvement of infrastructure in the sectors of ICT, transport and banking.


Via [Tunisia Online News]

Tunisia: PETROFAC to build Skhira oil refinery

Tunis, June 24, 2009- The daily Le Temps reports in its issue dated June 24, 2009, that the British energy and engineering group, PETROFAC will build and operate the Skhira oil refinery project. According to rough estimates investment costs will range from 500,000 dollars to 1 billion dollars.

Following the withdrawal of “Qatar Petroleum,” PETROFAC which is involved in major projects in Tunisia such as the Oudhna station and the Hasdrubal gas field, has launched fresh studies for an eventual partnership with Tunisia for the building of the Skhira oil refinery which should have a capacity of 120,000 barrels per day.

In an interview to Le Temps, PETROFAC’s Chief Executive Officer, Mr Amjed Bseisu, said that Tunisia’s business environment, fiscal advantages and incentives and the absence of bureaucracy, are some of the assets which prompted the group to invest in the country.


Via [Tunisia Online News]

Tunisia to double gas imports from Algeria

Tunis, July 4, 2009- Tunisia will double its gas imports from Algeria and will consequently increase its royalties for the gas transport on its territory of the Transmed gas pipeline (also known as the Mattei gas pipeline) which carries Algerian gas to Italy , said a government source in Tunis.

Imports of Algerian liquefied gas will increase from 150,000 to 300,000 par year following the signing of an agreement on Thursday between the Tunisian Minister of energy and his Algerian counterpart.

An agreement concluded between Algeria’s Sonatrach and the Tunisian Enterprize of petrol activities (ETAP) will boost Tunisia’s gas royalties from 6 to 7 billion cubic meters per year.

Algeria’s Minister of energy said that the agreement will enable Tunisia to cover its needs in gas, as well exporting part of it to Europe. He also expressed his country’s commitment to set up a Maghrebi electricity market which will aim at exchanging this type of energy at a lower cost.

On July 2, 2009, Tunisia and Algeria signed a number of agreements in the sector of energy aiming at strengthening energetic cooperation between the two countries.

The Tunisian section of the Transmed gas pipeline is 370 km long; it is owned by the Societe Tunisienne du gazoduc Trans- Tunisien and is run by Sergas.

The 155 km offshore section across the Channel of Sicily is operated by a joint venture (TMPC) between Algeria’s Sonatrach and Italy’s Eni.


Via [Tunisia Online News]