Mazarine Energy plans to sell more than half of its stake in the Tunisian oil exploration space as the country’s oil and gas industry has been affected by the Covid-19 pandemic. The company will aim to restructure the Tunisian oil and gas sector. It is reported that oil and gas explorers and producers are scrambling for profits and seeking funding partners. The oil and gas major currently produces 14,000 barrels of oil equivalent per day in Tunisia.
Chief Executive Edward van Kersbergen said that the company plans to drill two new wells next year. The company is currently seeking a partner to expand operations in the country and shoulder costs after it trimmed down operations cost in recent months.
It is reported that Mazarine Energy rolled out a 900 square km seismic survey covering the western part of the Douret permit and the eastern part of the Zaafrane permit. It has operations in Romania and is looking to expand its presence into other countries
Mr Edward van Kersbergen, told the media, “Tunisia just needs more activity. “We want to fast track, to accelerate. That’s the reason why we are going out to the market to find a partner. Mazarine, one of the largest licence holders in Tunisia, is looking to sell up to half of its stakes in the Ghrib, SMG-1, Zaafrane and Douret concessions. We see a multitude of prospects. In Tunisia it is very much a matter of drilling a large amount of relatively small prospects. In order to be successful, you need to maintain a very active programme.”