Directors Talk: Independent Resources (IRG) Tunisia Seeks to Expand Its Oil and Natural Gas Excavations

Currently, Tunisia seeks to expand its oil and natural gas excavations to compensate for the decline in domestic production. According to statistics, the Ministry of Energy and Industry has issued 48 permits to 38 global and local oil excavation companies.

Abdul-Aziz Al-Rasaa, the Minister of Energy and Industry, in a conference discussing the future of the energy sector of Tunisia, announced the aforementioned statistics. The minister added that 38 oil fields were discovered in 2008, compared to 14 in 2005.

Thus, the amount of investments in Tunisia’s energy sector has risen from $400 million in 2005, to $2400 ($2400 million or $2.4 billion?)in 2009. This increase in investment is attributed directly to increased local consumption of oil by 4% annually.

Tunisia used to export its premium quality oil overseas and import lesser quality oil to refine and consume locally. Moreover, the country used to have 2.2 million tons of left over oil until 1987. However, things gradually changed where Tunisia started to experience shortages of oil by 2001.

According to data, in 2009, Tunisia’s demand for energy will require energy sources that produce the equivalent of 9 million tons of oil. Currently, oil occupies 54% and gas 46% of the country’s total energy supply.

Read the full article HERE.