Norwegian oil group DNO International has acquired the rights to a massive Tunisian block with reserves of up to 700million barrels of oil.
DNO confirmed today that its Tunisian subsidiary had farmed into the Sfax offshore permit and the Ras El Besh concession in Tunisia.
The firm now holds an 87.5% participating, and 100% paying, interest in the permit and concession, which lie in shallow waters in the Gulf of Gabes.
To date, three discoveries have been made in the region, ranging between 35million and 60million barrels of oil.
DNO says the assets hold significant exploration potential. The firm has identified 29 prospects, which it estimates could contain between 500million and 700million barrels of oil.
“Having finalised the transaction and received government approvals we will proceed now with a fast track exploration and development programme designed to materially expand our footprint in Tunisia,” said executive chairman Bijan Mossavar-Rahmani.
DNO also holds interests in two other permits offshore Tunisia – the Hammamet Exploration permit and Fkirine Prospecting permit.