Nobel Petroleum USA Inc., a subsidiary of oil and gas independent PennPetro Energy, has signed an agreement to farm-in for an 80% stake in Tunisia’s Saouaf permit area.
The Saouaf license represents a joint venture between Upland Resources and Tunisian NOC Entreprise Tunisienne d’Activités Pétroliéres. Under the agreement, Nobel will also assume operatorship of the area, for which the current work program remains to be carried out before the permit expires at the end of the year.
“Today’s announcement marks an important strategic milestone under PennPetro’s expansionary petroleum initiatives. We are excited to partner with Upland in their Tunisian venture,” stated Tom Evans, CEO of PennPetro Energy. “Our timing couldn’t be better given the critical burgeoning need for additional gas and blue hydrogen supplies to Europe, especially given the fact that the Saouaf permit area is situated under the existing TransMed gas pipeline feeding gas from Algeria to Italy with spare capacity.”
Headquartered in Texas, PennPetro Energy is an independent oil and gas company that has concentrated primarily in the North American upstream petroleum sector to date.