Lundin Petroleum continues regional pullout with sale of Tunisian assets
Sweden’s Lundin Petroleum continues its North African pullout with the recent sale of a 50 percent shareholding in Compagnie Franco Tunisienne des Petroles (CFTP) to private french company Spyker Energy. The three million dollar dealis subject to certain regulatory approvals.
CFTP which is also 50 percent owned by the Republic of Tunisia has a 100 percent interest in the Sidi El Ityem onshore producing oil field in Tunisia. Lundin Petroleum’s current production from its interest in CFTP is approximately 250 barrels of oil per day (bpd).
Lundin Petroleum will provide a two million dollar loan facility to Spyker, which will be repayable with interest out of a percentage of Spyker’s net cash flow from its interest in CFTP.
“The sale of this mature asset is a natural step for us in terms of portfolio rationalization,” said President & CEO of Lundin Petroleum, Ashley Heppenstall. “As the company grows we seek to allocate more management resources to assets with greater growth potential.”
Lundin Petroleum completed the sale of its 40.3 percent working interest in Sudan’s Block 5A to Petronas Carigali Overseas this past June. The company retains a 24.5 percent stake in the southern oil fields.
The independent oil and gas exploration and production company has a portfolio of assets in France, Indonesia, Iran, Netherlands, Norway, Sudan, Tunisia, Venezuela and Albania. — (menareport.com)
© 2003 Mena Report (www.menareport.com)