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BG Sells Interest in Tunisian British Services

Source: 9/12/1997, Location: Africa

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British Gas Tunisia Limited (BGTL), a wholly owned subsidiary of BG plc, has sold its shareholding in Tunisian British Services (TBS), and its interests in the Kerkennah West permit and four associated concessions to Preussag Energie GmbH of Germany. The sale, which is subject to Tunisian government approval, does not affect BGTL's 100 per cent interest in the offshore Miskar gas field, which supplies up to 80 per cent of the country's gas.

Frank Chapman, Managing Director of BG plc's Exploration & Production division, explained: "This sale forms part of BG plc's portfolio rationalisation programme and will enable both BG plc and Preussag to focus energy on their specific interests in Tunisia.

"We remain committed to our Tunisian interests in the Amilcar and Ulysse areas, and will continue to play an important role in the country's energy industry."

Preussag Energie, the largest oil producer in Germany with strong international activities in the Mediterranean region, South America, Central and South East Asia and the Middle East, has been active in Tunisia since 1994. The company currently operates the Djebel Oust and Maatoug exploration permits and is a partner in the El Jem permit.

The sale involves BGTL's 50 per cent shareholding in Tunisian British Services, its 34.3 per cent interest in the Kerkennah West exploration permit, and its 49 per cent interest in four associated oil production concessions. These four concessions include the offshore Cercina field, and four smaller onshore fields. The remaining 50 per cent in TBS and 51 per cent in the concessions is held by the Tunisian state oil company, Entreprise Tunisienne d'Activités Pétrolières (ETAP). BGTL's net oil production from the fields averages 2,500 barrels per day.

The Kerkennah West permit covers 1,516 sq kms onshore and offshore Sfax. Preussag Energie formerly held a 14.7 per cent interest; ETAP holds the remaining 51 per cent interest.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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