Vienna-based OMV AG announced Dec. 21 that it closed the transaction to sell subsidiary OMV Tunisia Upstream GmbH for US$65 million to Panoro Energy ASA subsidiary Panoro Tunisia Production AS.

OMV Tunisia Upstream holds a 49% stake in the Cercina/Cercina Sud, El Ain/Gremda, El Hajeb/Guebiba and Rhemoura concessions in Tunisia and owns 50% of the shares in Thyna Petroleum Services SA Operating Co., which operates in five oil-producing concessions. The remaining stakes in the concessions and in Thyna will still be owned by Tunisian National Oil Co.

With the deal, Panoro said Panoro Tunisia now holds a 49% interest in five oil-producing concessions in Tunisia with net proved plus probable reserves of 8.1 million barrels and net production of approximately 2,000 barrels of oil per day from 14 wells.

OMV will still own other assets in Tunisia.

OMV said it remains committed to developing hydrocarbon resources in southern Tunisia through the Nawara concession, which includes gas field infrastructure and a pipeline from a central processing plant to Gabes.