Tunisia approves hydrocarbon prospecting contract

Mar 15, 1997 01:00 AM

The Tunisian parliament has approved a hydrocarbon prospecting contract between the Tunisian Company for Petroleum Activity (ETAP) and the oil product exploration firm. The contract involves the development of the Chott Gharsi perimeter, covering 4,532 sq. km and located in the Tozeur region, in south western Tunisia. The Chott Gharsi permit is granted for a four year period, which can be renewed twice, for two and a half years each time. Under the terms of the contract, signed last October, research expenses, estimated at $ 14 mm for the main period, will be borne by the oil product exploration company. The firm commits itself to carry out the geophysical land measuring of an area of 200 sq.Km and the boring of two prospecting wells. The firm also commits itself to bore one prospecting well for each renewed period. The contract establishes that in each discovery to be developed, ETAP could have a 50 % stake. The beneficiaries of this permit also commit themselves to devote 20 % of their production to the Tunisian market at a price 10 % below international prices.

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