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Mohamed Akrout, ETAP
More than twenty open blocks located offshore and onshore
Tunisia available for potential investors
Mr Mohamed Akrout, President and Chief Executive Officer of ETAP (Enterprise Tunisienne D’ Activites Petrolieres) talks about the upcoming projects and plans of developing the upstream industry in post-arab-spring Tunisia, discussing areas that ETAP looks to develop, new partnerships and projects.
Sladjana Franovic, Director, North Africa Oil &Gas Summit, The Energy Exchange: Tunisia has maintained image of safe investment region in the post-Arab- spring era, with major operators such as OMV achieving growth and new acquisitions in 2011. What is the key to sustainable and effective relation between ETAP and foreign investors?
Mohamed Akrout, President and Chief Executive Officer, ETAP (Enterprise Tunisienne D’ Activites Petrolieres): ETAP, the National Oil Company of Tunisia has remained successful post the revolution. It was a short period of time but we kept a continuous and good relationship with all investors in the oil & gas and the energy sector. We saw only a small impact on our exploration and production activities. The strength of these relationships is shown by the major acquisition of Pioneer’s assets in Tunisia by OMV.
We are working closely with all parties to improve the business climate. With OMV, we are focusing on, and working hard to, finalize an ambitious drilling program and to make a future plan for the appraisal and development of the potential discoveries especially in Southern Tunisia.
Sladjana Franovic: What initiatives are ETAP currently focusing on which should be of interest to the Tunisian upstream industry?
Mohamed Akrout: ETAP has now achieved an important milestone by awarding most of the Northern Offshore Tunisia to two major oil companies, an area considered as a Frontier Area, located in deep water. The challenge of deep water continues to demand new and innovative technologies and strong financial basis. We have started to explore deep water in the Mediterranean Sea by acquiring a new seismic program; we will be focusing with our partners on exploring at depths never before reached.
We need to keep that ‘’Can Do’’ attitude to succeed. We believe that 70$ or more per barrel of oil remains economic and attractive for all players active in this region. The extraction of unconventional hydrocarbons is the most innovative energy technology to emerge in recent years; and we are excited to test this technology in Tunisia.
In the past decade, ETAP focused on the conventional E&P activities, now the unconventional has opened new opportunities for additional resources. We are working hard to benefit from the remarkable aspects of the unconventional gas revolution – particularly speedy technological innovations, successfully tested in Southern Tunisia with ENI and Perenco.
Sladjana Franovic: There have been announcements of plans to transform Tunisia as gas exporter by 2014 through intention of pumping 1.5 billion cubic meters of gas to Italy via the Transmed pipeline. In your opinion what would that mean to Tunisian economy and what is needed before these plans become reality?
Mohamed Akrout: To achieve this goal , ETAP with all partners are keen to drill more and more exploration wells and develop discovered fields efficiently. An aggressive drilling plan is underway to bring all gas resources of Southern Tunisia to the market north of the Tunisian Sahara. I hope to achieve this milestone, this satisfying our domestic gas needs and to export the excess of gas.
Sladjana Franovic: Are there any upcoming investment projects/licensing rounds that you are focusing on?
Mohamed Akrout: In Tunisia, we are using pseudo-licensing rounds. Oil & Gas companies have to fulfill certain criteria to have access to the data room of the available open blocks. The Committee Consultative of Hydrocarbon meets every quarter. First bid opening is scheduled for the end January, end of April, end of July and end of October of each year. We have more than twenty open blocks, located offshore and onshore Tunisia, available for potential investors in the E&P sector.
Sladjana Franovic: What are you most looking forward to at the upcoming North Africa Oil and Gas Summit?
Mohamed Akrout: As ETAP, we would like to meet with decision makers, CEOs and Managers from all over the world, to exchange ideas, identifying the latest opportunities to invest in our country with future and current business partners.
