Contents:

1 Table Of Contents 1 Table Of Contents 2 1.1 List of Tables 10 1.2 List of Figures 12 2 Introduction 13 2.1 What Is This Report About? 13 2.2 How To Use This Report 14 2.3 Market Definition 14 3 Tunisia Energy Sector 16 3.1 Tunisia Energy Sector, Market Overview 16 3.2 Tunisia Energy Sector, Crude Oil 17 3.2.1 Tunisia Crude Oil, Overview 17 3.2.2 Tunisia Crude Oil, Supply and Demand Balance 17 3.2.3 Tunisia Crude Oil, Regulatory Structure 23 3.2.4 Tunisia Crude Oil, Infrastructure 23 3.3 Tunisia Energy Sector, Natural Gas 25 3.3.1 Tunisia Natural Gas, Overview 25 3.3.2 Tunisia Natural Gas, Supply and Demand Balance 25 3.3.3 Tunisia Natural Gas, Regulatory Structure 31 3.3.4 Tunisia Natural Gas, Infrastructure 31 3.4 Tunisia Energy Sector, Coal 32 3.4.1 Tunisia Coal, Overview 32 3.5 Tunisia Energy Sector, Electricity 33 3.5.1 Tunisia Electricity, Overview 33 3.5.2 Tunisia Electricity, Supply and Demand Balance 34 3.5.3 Tunisia Electricity, Regulatory Structure 38 3.5.4 Tunisia Electricity, Infrastructure 38 4 Tunisia Fiscal Regime 40 4.1 Tunisia Petroleum Fiscal Environment 40 4.2 License Terms 41 4.3 Key Fiscal Terms 42 4.4 Sample Cashfolws Calculations 46 5 Tunisia Upstream Investment Environment Benchmarking 47 5.1 Introduction 47 5.2 The Overall Ranking 47 5.3 Upstream Fiscal Attractiveness 48 5.3.1 Maximum Government Take Index 49 5.3.2 Fiscal Flexibility 49 5.3.3 Maximum State Participation 50 5.3.4 Maximum Domestic Market Obligation 50 5.4 Oil and Gas Sector Performance 50 5.4.1 Exploration Activity 52 5.4.2 Oil and Gas Production 53 5.4.3 Oil and Gas Reserves 54 5.4.4 Consumption 54 5.4.5 Refining Industry 54 5.5 Economic Performance 55 5.5.1 GDP Growth Index 56 5.5.2 FDI Confidence Index 57 5.5.3 Balance of Trade Index 57 5.6 Socio-Political Performance 58 5.6.1 Democracy Index 59 5.6.2 Governance Index 59 6 Tunisia Exploration And Production Sector 60 6.1 Tunisia, Country Snapshot 60 6.1.1 Tunisia, Key Data 60 6.1.2 Tunisia, Exploration And Production Assets Map 61 6.1.3 Tunisia, Crude Oil & Natural Gas Reserves 62 6.2 Tunisia, Crude Oil And Natural Gas Production 64 6.2.1 Tunisia, Historical Crude Oil Production 64 6.2.2 Tunisia, Historical Natural Gas Production 65 6.2.3 Tunisia, Crude Oil And Natural Gas Producing Asset Details 66 6.2.4 Tunisia, Crude Oil Production Assets by Area 68 6.2.5 Tunisia, Natural Gas Production Assets by Area 69 6.2.6 Tunisia, Planned Production Assets Details 70 6.2.7 Tunisia, Crude Oil Production by Company 70 6.2.8 Tunisia, Natural Gas Production by Company 71 6.3 Tunisia, Crude Oil And Natural Gas Forecasts 72 6.3.1 Tunisia, Forecasted Crude Oil Production 72 6.3.2 Tunisia, Forecasted Natural Gas Production 72 6.4 Tunisia, Exploration Block Details 73 6.4.1 Tunisia, Total Number of Active Exploration Blocks 73 6.4.2 Tunisia, Total Number of Active Exploration Blocks by Company 74 6.4.3 Tunisia, Exploration Blocks Details 75 6.4.4 Tunisia, Planned Exploration Blocks Details 77 7 Tunisia Refining Sector 78 7.1 Tunisia Refining Sector, Overview 78 7.2 Tunisia Refining Sector, Crude Distillation Unit Capacity 78 8 Tunisia Pipeline Sector 79 8.1 Tunisia Pipeline Sector, Overview 79 8.2 Tunisia Pipeline Sector, Crude Oil Pipelines 79 8.3 Tunisia Pipeline Sector, Petroleum Product Pipelines 80 8.4 Tunisia Pipeline Sector, Natural Gas Pipelines 80 9 BG Group plc 81 9.1 BG Group plc, Key Information 81 9.2 BG Group plc, Company Overview 81 9.3 BG Group plc, Business Description 81 9.3.1 BG Group plc, Business Description, Business Overview 81 9.3.2 BG Group plc, Business Description, Exploration and Production 81 9.3.3 BG Group plc, Business Description, Liquefied Natural Gas 82 9.3.4 BG Group plc, Business Description, Power and Other activities 83 9.3.5 BG Group plc, Business Description, Transmission and Distribution 84 9.3.6 BG Group plc, Business Description, Major Products and Services 85 9.4 BG Group plc, Business Strategy 86 9.4.1 BG Group plc, Business Strategy, Mission Statement 86 9.4.2 Strategy, Business Strategy, Mission Statement 86 9.4.3 Corporate Social Responsibility, Business Strategy, Mission Statement 86 9.5 BG Group plc, Value Chain Analysis 88 9.5.1 BG Group plc, Value Chain Analysis, Upstream 88 9.5.2 BG Group plc, Value Chain Analysis, Midstream 89 9.5.3 BG Group plc, Value Chain Analysis, Downstream 89 9.6 BG Group plc, SWOT Analysis 90 9.6.1 BG Group plc, SWOT Analysis, Overview 90 9.6.2 BG Group plc, SWOT Analysis, Strengths 90 9.6.3 BG Group plc, SWOT Analysis, Weaknesses 91 9.6.4 BG Group plc, SWOT Analysis, Opportunities 92 9.6.5 BG Group plc, SWOT Analysis, Threats 92 9.7 BG Group plc, Revenue Analysis 94 9.7.1 BG Group plc, Revenue Analysis, Revenue by Segment 94 9.7.2 BG Group plc, Revenue Analysis, Revenue by Geography 95 9.8 BG Group plc, Financial and Operational Review 96 9.8.1 BG Group plc, Financial and Operational Review, Financial Statements 96 9.8.2 BG Group plc, Financial and Operational Review, Financial Ratios 97 9.9 BG Group plc, Operational Indicators 98 10 Eni S.p.A. 99 10.1 Eni S.p.A., Key Information 99 10.2 Eni S.p.A., Company Overview 99 10.3 Eni S.p.A., Business Description 100 10.3.1 Eni S.p.A., Business Description, Business Overview 100 10.3.2 Eni S.p.A., Business Description, Engineering and Construction 100 10.3.3 Eni S.p.A., Business Description, Exploration & Production 101 10.3.4 Eni S.p.A., Business Description, Gas & Power 103 10.3.5 Others 104 10.3.6 Petrochemicals 105 10.3.7 Refining and Marketing 105 10.3.8 Eni S.p.A., Business Description, Major Products and Services 107 10.4 Eni S.p.A., Business Strategy 108 10.4.1 Eni S.p.A., Business Strategy, Mission Statement 108 10.4.2 Eni S.p.A., Business Strategy, Strategy 108 10.4.3 Eni S.p.A., Business Strategy, Corporate Social Responsibility 109 10.5 Eni S.p.A., Value Chain Analysis 112 10.5.1 Eni S.p.A., Value Chain Analysis, Upstream 112 10.5.2 Eni S.p.A., Value Chain Analysis, Midstream 113 10.5.3 Eni S.p.A., Value Chain Analysis, Downstream 114 10.5.4 Eni S.p.A., Value Chain Analysis, Retail 115 10.6 Eni S.p.A., SWOT Analysis 116 10.6.1 Eni S.p.A., SWOT Analysis, Overview 116 10.6.2 Eni S.p.A., SWOT Analysis, Strengths 116 10.6.3 Eni S.p.A., SWOT Analysis, Weaknesses 117 10.6.4 Eni S.p.A., SWOT Analysis, Opportunities 119 10.6.5 Eni S.p.A., SWOT Analysis, Threats 120 10.7 Eni S.p.A., Revenue Analysis 121 10.8 Eni S.p.A., Revenue Analysis 121 10.8.1 Eni S.p.A., Revenue Analysis, Revenue by Segment 121 10.8.2 Eni S.p.A., Revenue Analysis, Revenue by Geography 122 10.9 Eni S.p.A., Financial and Operational Review 124 10.9.1 Eni S.p.A., Financial and Operational Review, Financial Statements 124 10.9.2 Eni S.p.A., Financial and Operational Review, Financial Ratios 125 10.10 Eni S.p.A., Operational Indicators 126 11 OMV Aktiengesellschaft 127 11.1 OMV Aktiengesellschaft, Key Information 127 11.2 OMV Aktiengesellschaft, Company Overview 127 11.3 OMV Aktiengesellschaft, Business Description 127 11.3.1 OMV Aktiengesellschaft, Business Description, Business Overview 127 11.3.2 OMV Aktiengesellschaft, Business Description, Chemicals 128 11.3.3 OMV Aktiengesellschaft, Business Description, Exploration and Production 129 11.3.4 OMV Aktiengesellschaft, Business Description, Gas 130 11.3.5 OMV Aktiengesellschaft, Business Description, Petrom 131 11.3.6 OMV Aktiengesellschaft, Business Description, Refining and Marketing 132 11.3.7 OMV Aktiengesellschaft, Business Description, Major Products and Services 134 11.4 OMV Aktiengesellschaft, SWOT Analysis 135 11.4.1 OMV Aktiengesellschaft, SWOT Analysis,Overview 135 11.4.2 OMV Aktiengesellschaft, SWOT Analysis, Strengths 135 11.4.3 OMV Aktiengesellschaft, SWOT Analysis, Weaknesses 136 11.4.4 OMV Aktiengesellschaft, SWOT Analysis, Opportunities 136 11.4.5 OMV Aktiengesellschaft, SWOT Analysis, Threats 137 11.5 OMV Aktiengesellschaft, Revenue Analysis 138 11.5.1 OMV Aktiengesellschaft, Revenue Analysis, Revenue by Segment 138 11.5.2 OMV Aktiengesellschaft, Revenue Analysis, Revenue by Geography 139 11.6 OMV Aktiengesellschaft, Financial and Operational Review 140 11.6.1 OMV Aktiengesellschaft, Financial and Operational Review, Financial Statements 140 11.6.2 OMV Aktiengesellschaft, Financial and Operational Review, Financial Ratios 141 11.7 OMV Aktiengesellschaft, Operational Indicators 142 12 Financial Deals Landscape 143 12.1 Asset Transactions 143 12.1.1 AuDAX Resources Acquires Kerkouane Permit From Stratic Energy 143 12.1.2 Kairiki Energy Acquires 30% Interest In Kerkouane Permit From AuDAX 144 12.1.3 OMV Acquires 80% Interest In Sidi Mansour From Thani Tunisia Sidi Mansour 146 12.1.4 Storm Ventures International Acquires Interest In The Cosmos Concession 147 12.1.5 Cygam Energy Signs Farm Out Agreement With Pennine Petroleum 148 12.1.6 Rigo Oil Company Acquires 62.5% Interest In The Jorf Exploration Permit 150 12.1.7 Candax Energy Sells 20% Working Interest In The Chaal Permit To Mitsubishi 151 12.1.8 Mediterranean Oil & Gas Acquires 25% Interest In The Medjerda Block Petroleum License From Carthago Oil 152 12.1.9 Cygam EnergyS Rigo Oil Acquires Working Interest In Bazma Permit 153 12.1.10 Cygam Energy Signs Farm In Agreement With Storm Ventures 154 12.1.11 Eurogas And APEX Enters Into Farmout Agreement With Delta For $125 Million 156 12.1.12 Circle Oil To Acquire Mahdia Permit Offshore Tunisia From Tethys Oil and Mining 158 12.1.13 PA Resources To Acquire 35% Interest In Tunisia License 159 13 Recent Developments 161 13.1 License Rounds 161 13.1.1 Feb 20, 2008: Tunisia Awards Exploration Permits To Vietnamese Firms 161 13.1.2 May 14, 2008: Petroceltic Enters Second Exploration Phase In Isarene Permit 161 13.1.3 Apr 14, 2008: Cairn Energy Unit Wins Exploration License In Tunisia 162 13.1.4 Feb 20, 2008: DualEx Wins Approval For Bouhajla Exploration Block In Tunisia 162 13.1.5 Aug 18, 2008: Eurogas Strikes Oil At REB3 Well On Sfax Offshore Permit, Tunisia 163 13.1.6 Jul 24, 2008: Cygam Announces Preliminary Test Results From Remada Sud TT2 Exploratory Well In Tunisia 164 13.1.7 Jul 14, 2008: OMV Strikes Gas At Ahlem-1 Well In Tunisia 165 13.1.8 Jul 11, 2008: Cygam Updates On TT2 Exploration Well In Remada Sud Permit, Tunisia 165 13.1.9 Jun 23, 2008: Cygam Updates On TT2 Exploration Well 166 13.1.10 May 26, 2008: Madalena Updates On TT2 Exploration Well 167 13.1.11 Aug 29, 2008: PA Resources Completes Drilling Didon-9 Pilot Well At Didon Field In Tunisia 168 13.1.12 Aug 11, 2008: Petrofac Commences Production From Chergui 169 13.1.13 Jun 16, 2008: Eurogas Commences Drilling Of Ras el Besh Well In Tunisia 170 13.1.14 Jun 10, 2008: PA Resources Spuds Second Well On Didon Field, Tunisia 171 13.1.15 Jun 09, 2008: PA Resources Begins Production From New Well At Didon Oil Field, Offshore Tunisia 171 13.1.16 May 30, 2008: Candax Commences Ezzaouia Drilling Onshore Tunisia 172 13.1.17 May 26, 2008: Cygam Update On Drilling Operations In Tunisia 173 13.1.18 Apr 30, 2008: Candax Updates El Bibane Development And Production Outlook 174 13.1.19 Apr 28, 2008: PA Resources Updates On Didon Field In Tunisia 174 13.1.20 Apr 28, 2008: Candax Announces 2008 Drilling Program 175 13.1.21 Apr 28, 2008: PA Resources Announces Start Of Drilling Campaign On Ezzaouia Field In Tunisia 177 13.1.22 Apr 25, 2008: Madalena Updates On TT2 Exploration Well 178 13.1.23 Apr 25, 2008: Cygam Provides Update On Drilling Operations In Tunisia 178 13.1.24 Apr 24, 2008: MOG Provides Drilling Update 179 13.1.25 Apr 01, 2008: Circle Oil Provides Tunisia Drilling Update 180 13.1.26 Mar 31, 2008: Madalena Announces Commencement Of Drilling Operations In Tunisia 181 13.1.27 Mar 31, 2008: Madalena Commences Drilling On TT-2 Exploratory Well 181 13.1.28 Mar 28, 2008: Cygam Announces Commencement Of Drilling At Sud Remada In Tunisia 182 13.1.29 Mar 28, 2008: MOG Provides Tunisia Drilling Updates 183 13.1.30 Mar 17, 2008: MOG Provides Drilling Update 183 13.1.31 Feb 18, 2008: MOG Spuds Teb1 Well In Tunisia 184 13.1.32 Feb 04, 2008: Candax Provides El Bibane Project Update 184 13.1.33 Jan 28, 2008: MOG Provides Operational Update 185 13.1.34 Jul 31, 2008: Candax Updates On El Bibane Development And Ezzaouia Drilling 186 13.1.35 May 29, 2008: DualEx Provides Quarterly Operational Updates 186 13.1.36 May 16, 2008: Eurogas Signs Contract With SeaWolf For Drilling Wells 187 13.1.37 Apr 04, 2008: MOG Provides Drilling Update 188 13.1.38 Mar 25, 2008: Winstar Provides Q1 2008 Operational Updates 189 13.1.39 Jan 08, 2008: Petroceltic Provides Operational Updates 191 13.1.40 Apr 28, 2008: Candax Announces 2008 Drilling Program 194 14 Appendix 196 14.1 Methodology 196 14.1.1 Coverage 196 14.1.2 Secondary Research 197 14.1.3 Primary Research 197 14.1.4 Forecasts 198 14.1.5 Expert Panel Validation 201 14.2 Definitions 201 14.3 Unit Of Measure 202 14.4 Contact Us 202 14.5 About us202 14.6 Disclaimer 202 Executive Summary 1.2 List of Figures Figure 1: Tunisia, Energy Sector Break-Up, 2007 16 Figure 2: Tunisia, Crude Oil Production And Consumption (Thousand Barrels Per Day), 1996-2020 19 Figure 3: Tunisia, Import Of Petroleum Products (Thousand Barrels Per Day), 1996-2020 21 Figure 4: Tunisia, Crude Oil Reserves (Million Barrels), 1996-2020 23 Figure 5: Tunisia, Natural Gas Production And Consumption (Billion Cubic Feet), 1996-2020 27 Figure 6: Tunisia, Natural Gas Imports (Billion Cubic Feet), 1996-2020 29 Figure 7: Tunisia, Natural Gas Reserves (Billion Cubic Feet), 1996-2020 31 Figure 8: Tunisia, Electricity Production by Fuel Type, 2007 33 Figure 9: Tunisia, Electricity Consumption by End User, 2007 34 Figure 10: Tunisia, Electricity Generation Capacity (Megawatt), 1996-2020 36 Figure 11: Tunisia, Electricity Generation And Consumption (Billion Kilowatt Hours), 1996-2020 38 Figure 12: Tunisia, Upstream Oil & Gas Fiscal Regime (PSA), Sample Cashflows, 2005-2016 46 Figure 13: North Africa, Country Standings, Upstream Fiscal Attractiveness, April 2008 49 Figure 14: North Africa, Country Standings, Oil and Gas Sector Performance, April 2008 51 Figure 15: North Africa, Country Standings, Oil and Gas Sector Performance, April 2008 (Contd.) 52 Figure 16: North Africa, Country Standings, Exploration Blocks Awarded, April 2008 53 Figure 17: North Africa, Country Standings, Economic Performance, April 2008 56 Figure 18: North Africa, Country Standings, Socio-Political Performance, April 2008 59 Figure 19: Tunisia, Exploration and Production Assets Map, April 2008 61 Figure 20: Tunisia, Total Crude Oil and Natural Gas Reserves(MMBOE), 2000-2012 62 Figure 21: Tunisia, Total Crude Oil Production (MMBBLs), 2000-2007 64 Figure 22: Tunisia, Total Natural Gas Production (BCF), 2000-2007 65 Figure 23: Tunisia, Total Number of Active Exploration Blocks, 2000-2007 73 Figure 24: BG Group plc, Value Chain Analysis 88 Figure 25: Eni S.p.A., Value Chain Analysis 112 Figure 26: Global Market Direct Methodology 196

Companies Mentioned

BG Group plc Eni S.p.A. 92 OMV Aktiengesellschaft