Ukrainian company allowed oil exploration in Tunisia
Ukrinform
KYIV, March 11 /UKRINFORM/. The Tunisian Ministry of Industry has granted the Ukrainian company YNG Exploration Limited the permission to explore for oil deposits in the southern province of Tataouine, UA-Energy reported with reference to the foreign media.
The permission involves a plot of 988 square meters and provides for a seismic study and drilling of two test wells worth $21 million over a five-year period.
Under the agreement signed between YNG Exploration Limited and ETAP (Entreprise Tunisienne d'Activites Petrolieres), the Ukrainian company will fund the exploration stage.
If oil reserves are found on the site, ETAP will have the option for a 50% stake in the business.
