New Round of Interest for Assets in Mediterranean, North Africa

Nostra Terra and Independent Resources signed a “strategic” joint venture agreement to invest in producing or near-production assets in the Mediterranean and North Africa region, showing that an increasing number of companies are now looking at the region.

‘Under the terms of the Agreement, the parties will co-operate in areas of project identification and due diligence, financing, geological exploitation, technical support, operations and procurement with a geographical focus on North Africa with immediate attention focused on Egypt and Tunisia’ reads a note released on Monday. 

In their press releases, the two companies mentioned technology and the need to reduce operation costs. Adding to the recent rumours about ENI’s possible partnerships off Egypt, the news shows that partnership in this area of the world could be a solution to a high risk and high investment environment. 

“The lower oil price environment we are experiencing is presenting very interesting opportunities for investment and growth not just in America but globally. Partnering with Independent Resources gives us boots-on-the-ground experience of the countries we are immediately focusing on” Matt Lofgran, CEO of Nostra Terra, commented.  

Nostra Terra is a US-focused oil and gas company, while Independent Resources is mainly active in the Mediterranean and North Africa region.

The two companies might also mull investments off the coasts of Crete where, according to several Italian experts, the new Greek government might increase its focus on exploration and production in its waters. 

On Monday, Chancellor Angela Merkel's spokesman said that Germany will work closely with Greece's new government under left-wing prime minister Alexis Tsipras.