OMV Invests €500 million in Tunisia's Nawara Gas Field

Austria-based OMV clinched an agreement with Tunisian National Oil Company ETAP for a €500-million investment in the Nawara gas field development project.

‘The internal final investment decision (FID) for the Nawara project was taken in March 2014. The project has now received all necessary Government approvals and contracts will be awarded in due course. The South Tunisian Gas Pipeline project and Nawara project have already been merged,’ reads a note released on Friday. 

According to the Austrian company, which holds nine production licences and five exploration permits, the project would unlock gas resources in Southern Tunisia.

“This huge energy project creates a win-win opportunity for all business partners as well as the local communities, and it receives the highest level of support from the Tunisian Government. OMV is fully committed to investing in the development of resources in Tunisia to increase production levels and develop the reserves base,” Jaap Huijskes, OMV Executive Board member responsible for Exploration and Production, commented in the press release. 

The companies expect construction works to take up to three years. The project comprises production facilities and a pipeline. 

‘The first production of gas is expected to start in 2016 with peak production of around 10,000 boe/d. Expected OMV investment in the project is around EUR 500 mn.’