News listings

energy-pedia general news

Tunisia flagTunisia

Middle East / Africa >>> Tunisia

Tunisia: Pioneer Natural Resources closes sale of Tunisia subsidiaries to OMV for $866 million

20 Feb 2011

Pioneer Natural Resources has closed its previously announced sale of all of the stock of Pioneer’s Tunisia subsidiaries to a wholly-owned subsidiary of OMV for cash proceeds of $866 million, before normal closing adjustments. The transaction has an effective date of January 1, 2011.


The transaction significantly strengthens OMV’s position in Tunisia, an important country in the E&P core region North Africa. OMV has acquired immediate production of approx. 5,700 boe/d (average net production in Q4/10), 90% is attributable to oil and 10% to gas. Based on a report by DeGolyer MacNaughton of June 2010, Pioneer Tunisia’s acreage holds 2P reserves of 38 mn boe and 3P reserves of 59 mn boe. The acreage offers considerable exploration upside and will complement OMV’s existing south Tunisian assets, Jenein Sud and Nawara, very well. From a strategic point of view, OMV will be able to unlock substantial synergy potential in field operational activities. Furthermore, Pioneer Tunisia and OMV are both partners in the South Tunisia Gas Project (STGP) which aims to build a 320 km gas pipeline from the Adam production concession to the city of Gabes by 2014 to supply the Tunisian domestic market with gas. With the now reached consolidated partnership structure, the decision making process for the STGP will be facilitated.

The transaction consideration will be initially funded with existing cash and committed credit lines. OMV remains committed to strict capital discipline and retains the clear objective of maintaining a strong investment grade credit rating.

Pioneer Tunisia’s interest in the Anaguid exploration permit and in the Mona/Durra production concession is subject to a pre-emption right of Pioneer Tunisia’s partner under the respective Joint Operating Agreement. Anaguid and Durra/Mona account for 13% of the purchase price. In case the pre-emption right is exercised and Pioneer Tunisia’s partner acquires the shares in Pioneer Natural Resources Anaguid, the purchase price will be adjusted accordingly.

Photo - see caption

Pioneer Tunisia

Pioneer Tunisia holds interests in three production concessions and four exploration permits in southern Tunisia:

Production concessions: Jenein Nord-Cherouq, 50 % (operator); Mona/Durra, 30% (operator); Adam, 20%

Exploration permits: Jenein Nord, 100% (operator); Anaguid, 60% (operator); El Hamra, 100% (operator); Borj-El-Khadra, 40%

Source: energy-pedia

Bookmark and Share

A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.

Publicly Available Deals

See all deals...

Subscriber Only Deals

Current deals: 1600
Completed deals: 4084

Company Profiles

Current Company Profiles: 2293

Corporate Activity

Current Corporate Activity articles: 2401

Companies Looking

Current number of articles: 398

Company Sales

Current Company Sales articles:966


Current Geostudies articles: 405

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...

energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...

energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...


Subscribe to the FREE
energy-pedia Daily Newsletter

count geophysics
Working Smart Logo
KL Publishing
Beagle Geoscience 149
EP Consult Energies
Union Jack Oil 149
Rose & Assocs 149
Dolphin Geophysical logo 149
Lynx Information Systems
Polarcus Logo 149
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans

Tel: +44(0)1727 822675