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Medco Energi has bought stakes in eight oil and gas blocks in Tunisia, allowing the Indonesian independent to benefit from the generous contractual terms in the country.
Indonesia’s second largest oil firm acquired the acreage from Canada’s Chinook Energy, which for $127.7mn sold Medco its Storm Ventures International subsidiary that holds the rights to the blocks. The deal once again gives Medco a foothold in Tunisia after it had relinquished its blocks in the country in 2011.
Unlike other North African countries such as Libya and Algeria, Tunisia is not a major oil and gas producer, and it has been forced to offer significantly better terms than its neighbors to incentivise international oil companies (IOCs) to develop its hydrocarbon reserves. (CONTINUED - 979 WORDS)