Austrian oil and gas giant OMV AG will invest over 680 million U.S. dollars in the development of Tunisia's Nawara gas field in a joint project with Tunisian state-owned company ETAP.
OMV said in a press release Friday all necessary government approval had been granted, and it expected gas production to begin in early 2016 with peak production to reach up to 10,000 barrels of oil equivalent per day.
It also marks the merging of the previous South Tunisian Gas Pipeline project into the new Nawara project.
OMV said the final investment decision on the project was made in March, and it expects to play a substantial role in the growth strategy of Tunisia, particularly in unlocking the gas resources in the south of the country.
The largest-listed Austrian industrial company also stated it currently has five exploration permits and nine production licenses onshore and offshore Tunisia.