Austrian oil and gas company OMV, through its fully owned subsidiary OMV (Tunesien) Production, completed the acquisition of 100% of the entire issued share capital of Pioneer Natural Resources Tunisia and Pioneer Natural Resources Anaguid (together known as Pioneer Tunisia) from Pioneer Natural Resources, for US$800 million.
It had announced an agreement to acquire the subsidiaries of the US oil and gas company in January.
The pre-emption right regarding the Anaguid interest has not been exercised by the joint venture partner. OMV therefore also acquired the rights in the Anaguid exploration permit and the Mona/Durra production concession, it said in a statement.
From a strategic point of view, the acquired acreage offers considerable exploration upside and complements OMV’s existing south Tunisian assets, Jenein Sud and Nawara, very well.
With closing of the transaction, OMV doubles its daily production in Tunisia, to over 10,000 boe. Both OMV’s and Pioneer Tunisia’s operations were maintained throughout the recent weeks and their staff were actively pursuing transition activities.
