Oil and gas firm EnQuest said yesterday it had made its first step into north Africa with the acquisition of a 70% stake in two projects offshore Tunisia.
The three-year-old company started its expansion abroad last year, applying to operate in Norway and buying Malaysia-focused oil explorer Nio Petroleum.
The Aberdeen-based independent will become operator of the oil producing Didon field and the development partner with seller Sweden’s PA Resources in the neighbouring Zarat permit.
EnQuest will pay PA Resources an initial £15million, with subsequent payments up to a total of £150million due if production and cost targets are met.
“I am pleased to announce our first international production acquisition giving us an operating platform in Tunisia,” said EnQuest’s CEO Amjad Bsiesu.
“This opportunity is ideal for EnQuest and our new partners, allowing us to deploy our operating and development expertise in these permits and also adds 2million barrels of oil equivalent (boe) of proven and probable reserves, 41million boe of contingent resources, and approximately 1,000 boe per day net to EnQuest with additional production and reserves coming from a two well in-fill drilling programme in the Didon field in the near future.”
Meanwhile Libya confirmed yesterday that the headquarters of state energy firm National Oil Corporation would move to the volatile eastern city of Benghazi.
It is a response to demands for more authority for the oil-rich region which could prove a headache for international companies for security reasons.
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