Once considered an investment-friendly haven for independents listed in London or Toronto, Tunisia's hydrocarbons sector is now struggling to survive (EIF Mar.8' 17). Since the 2011 revolution, international oil companies (IOCs) have endured political unrest and persistent industrial strikes that shut in production across the country's southern fields. The result saw large investors like OMV trim upstream portfolios while Royal Dutch Shell, with 60% of the gas market, sought the exit. Increasingly, new entrants are small-sized independents with private equity backing. Tunis may still have some cards to play with shale gas exploration, but the sector's recent trajectory provides a cautionary tale for host governments and IOCs.
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