TUNIS (Reuters) - Tunisia has awarded two oil and gas exploration permits to an Algerian-Tunisian joint venture as it seeks to attract more foreign investors into its energy sector, the energy ministry said on Wednesday.
The venture, named Numphyd, will invest $13 million to drill two wells in the Kaboudia offshore area near the southern town of Gabes and in Nord des Chotts in western Tunisia, the ministry said in a statement.
The permits cover a total area of 8,748 square kilometers.
Numphyd is a 50-50 venture of Algerian state energy giant Sonatrach and Tunisia's government-run Entreprise Tunisienne des Activites Petrolieres (ETAP).
ETAP also signed an agreement to sell Numphyd a 30 percent stake in the Nord des Chotts prospect.
Sandwiched between OPEC members Algeria and Libya, Tunisia needs to import most of its petroleum needs and hopes new discoveries of oil and gas will bolster domestic energy ouput.
The government aims to drill 15 new wells per year between 2007 and 2011, up from eight wells over the past five years.
Via [Reuters]
