Tuesday, February 19, 2008

Tunisia awards oil search permits to Vietnam firms | Markets | Reuters

TUNIS, Feb 19 (Reuters) - Tunisia has awarded oil and gas exploration permits to a Vietnamese joint venture as part of a drive to lure more investment to its energy sector, Tunisian state news agency TAP reported on Tuesday.

Petrovietnam Exploration and Production Corporation and Vietsovpetro will work in partnership with Tunisian state-owned Entreprise Tunisienne des Activites Petrolieres (ETAP).

Under their production sharing accord, the partners will invest 16 million Tunisian dinars ($13 million) in the exploration operation, TAP said.

The agreement covers a total area of 3,976 square km near the southern town of Gabes.

Tunisia, which imports most of its oil needs, hopes new discoveries of oil and gas will boost domestic energy production.

The government of the north African country aims to drill 15 new wells per year between 2007 and 2011, up from eight wells in the previous five years.

Vietsovpetro is owned by Petrovietnam and Russia's Zarubezhneft. (Reporting by Sonia Ounissi; editing by Tom Pfeiffer)

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