Contents:

1 2 1.1 List of Tables 8 1.2 List of Figures 10 2 Tunisia Energy Sector 11 2.1 Tunisia Energy Sector, Market Overview 11 2.2 Tunisia Energy Sector, Crude Oil 12 2.2.1 Tunisia Crude Oil, Overview 12 2.2.2 Tunisia Crude Oil, Supply and Demand Balance 12 2.2.3 Tunisia Crude Oil, Regulatory Structure 18 2.2.4 Tunisia Crude Oil, Infrastructure 18 3 Tunisia Fiscal Regime 20 3.1 Tunisia Petroleum Fiscal Environment 20 3.2 License Terms 21 3.3 Key Fiscal Terms 22 3.4 Sample Cashfolws Calculations 26 4 Tunisia Oil Upstream Investment Environment Benchmarking 27 4.1 Introduction 27 4.2 The Overall Ranking 27 4.3 Upstream Fiscal Attractiveness 28 4.3.1 Maximum Government Take Index 29 4.3.2 Fiscal Flexibility 29 4.3.3 Maximum State Participation 29 4.3.4 Maximum Domestic Market Obligation 30 4.4 Oil Sector Performance 30 4.4.1 Exploration Activity 32 4.4.2 Oil Production 33 4.4.3 Oil Reserves 33 4.4.4 Oil Consumption 33 4.4.5 Refining Industry 34 4.5 Economic Performance 34 4.5.1 GDP Growth Index 35 4.5.2 FDI Confidence Index 35 4.5.3 Balance of Trade Index 36 4.6 Socio-Political Performance 36 4.6.1 Democracy Index 37 4.6.2 Governance Index 37 5 Tunisia Exploration and Production Sector 38 5.1 Tunisia Exploration and Production Sector, Country Snapshot 38 5.1.1 Tunisia Exploration and Production Sector, Key Data 38 5.1.2 Tunisia Exploration and Production Sector, Crude Oil Assets Map 38 5.2 Tunisia Exploration and Production Sector, Gross Crude Oil Production 39 5.2.1 Tunisia Exploration and Production Sector, Gross Crude Oil Historical Production 39 5.2.2 Tunisia Exploration and Production Sector, Gross Crude Oil Production by Assets 40 5.2.3 Tunisia Exploration and Production Sector, Gross Equity Weighted Crude Oil Production by Company 41 5.2.4 Tunisia Exploration and Production Oil Sector, Market Share (%) based on Gross Equity Weighted Crude Oil Production 43 5.3 Tunisia Exploration and Production Sector, Gross Crude Oil Forecasts 45 5.3.1 Tunisia Exploration and Production Sector, Gross Crude Oil Forecasted Production 45 5.3.2 Tunisia Exploration and Production Sector, Gross Revenue Forecast 45 5.3.3 Tunisia Exploration and Production Sector, Government Take Forecast 46 5.3.4 Tunisia Exploration and Production Sector, Contractor Take Forecast 46 5.4 Tunisia Exploration And Production Sector, Crude Oil Asset Details 47 5.4.1 Tunisia Exploration And Production Sector, Active Crude Oil Asset Details 47 5.4.2 Tunisia Exploration And Production Sector, Planned Crude Oil Asset Details 47 6 Tunisia Pipeline Sector 48 6.1 Tunisia Pipeline Sector, Key Data 48 6.2 Tunisia Pipeline Sector, an Overview 48 6.3 Tunisia Pipeline Sector, Comparision of Key Crude Oil Pipeline Companies 48 6.4 Tunisia Pipeline Sector, Comparision of Key Petroleum Product Pipeline Companies 49 6.5 Tunisia Pipeline Sector, Crude Oil Pipelines 50 6.6 Tunisia Pipeline Sector, Petroleum Product Pipelines 51 7 Tunisia Refining Sector 52 7.1 Tunisia Refining Sector, Key Data 52 7.2 Tunisia Refining Sector, An Overview 52 7.2.1 Tunisia Refining Sector, Total Refining Capacity 52 7.3 Tunisia Refining Sector, Capacity- Wise Market Share by Company 53 7.4 Tunisia Refining Sector, Crude Distillation Unit Capacity 54 8 Tunisia Oil and Chemicals Storage Sector 55 8.1 Tunisia Oil and Chemicals Storage Sector, Key Data 55 8.2 Tunisia Oil and Chemicals Storage Sector, An Overview 55 8.2.1 Tunisia Oil and Chemicals Storage Sector, Total Storage Capacity 55 8.3 Tunisia Oil and Chemicals Storage Sector, Capacity-Wise Market Share By Company 56 8.4 Tunisia Oil and Chemicals Storage Sector, Storage Capacity 57 9 Profile Of Eni S.p.A. 58 9.1 Eni S.p.A., Key Facts 58 9.2 Eni S.p.A., Company Overview 58 9.3 Eni S.p.A., Business Description 58 9.3.1 Eni S.p.A., Business Description, Business Overview 58 9.3.2 Eni S.p.A., Business Description, Engineering and Construction 59 9.3.3 Eni S.p.A., Business Description, Exploration & Production 60 9.3.4 Eni S.p.A., Business Description, Gas & Power 61 9.3.5 Eni S.p.A., Business Description, Others 63 9.3.6 Eni S.p.A., Business Description, Petrochemicals 63 9.3.7 Eni S.p.A., Business Description, Refining and Marketing 64 9.4 Eni S.p.A., Value Chain Analysis 66 9.4.1 Eni S.p.A., Value Chain Analysis, Upstream 66 9.4.2 Eni S.p.A., Value Chain Analysis, Midstream 67 9.4.3 Eni S.p.A., Value Chain Analysis, Downstream 68 9.4.4 Eni S.p.A., Value Chain Analysis, Retail 69 9.5 Eni S.p.A., SWOT Analysis 69 9.5.1 Eni S.p.A., SWOT Analysis, Overview 69 9.5.2 Eni S.p.A., SWOT Analysis, Strengths 70 9.5.3 Eni S.p.A., SWOT Analysis, Weaknesses 71 9.5.4 Eni S.p.A., SWOT Analysis, Opportunities 73 9.5.5 Eni S.p.A., SWOT Analysis, Threats 74 9.6 Eni S.p.A., Revenue Analysis 75 9.6.1 Eni S.p.A., Revenue by Segment 75 9.6.2 Eni S.p.A., Revenue by Geography 76 9.7 Eni S.p.A., Financial and Operational Review 78 9.7.1 Financial Statements 78 9.7.2 Financial Ratios 79 10 Profile of BG Group plc 80 10.1 BG Group plc, Key Information 80 10.2 BG Group plc, Company Overview 80 10.3 BG Group plc, Business Description 80 10.3.1 BG Group plc, Business Description, Business Overview 80 10.3.2 BG Group plc, Business Description, Exploration and Production 81 10.3.3 BG Group plc, Business Description, Liquefied Natural Gas 83 10.3.4 BG Group plc, Business Description, Power and Other activities 85 10.3.5 BG Group plc, Business Description, Transmission and Distribution 86 10.3.6 BG Group plc, Business Description, Major Products and Services 88 10.4 BG Group plc, Value Chain Analysis 89 10.4.1 BG Group plc, Value Chain Analysis, Upstream 89 10.4.2 BG Group plc, Value Chain Analysis, Midstream 90 10.4.3 BG Group plc, Value Chain Analysis, Downstream 91 10.5 BG Group plc, SWOT Analysis 91 10.5.1 BG Group plc, SWOT Analysis, Overview 91 10.5.2 BG Group plc, SWOT Analysis, Strengths 92 10.5.3 BG Group plc, SWOT Analysis, Weaknesses 93 10.5.4 BG Group plc, SWOT Analysis, Opportunities 94 10.5.5 BG Group plc, SWOT Analysis, Threats 95 10.6 BG Group plc, Revenue Analysis 96 10.6.1 BG Group plc, Revenue Analysis, Revenue by Segment 96 10.6.2 BG Group plc, Revenue Analysis, Revenue by Geography 97 10.7 BG Group plc, Financial and Operational Review 98 10.7.1 Financial Statements 98 10.7.2 Financial Ratios 99 11 Profile of China National Petroleum Corporation 100 11.1 China National Petroleum Corporation, Key Information 100 11.2 China National Petroleum Corporation, Company Overview 100 11.3 China National Petroleum Corporation, Business Description 100 11.3.1 China National Petroleum Corporation, Business Description, Business Overview 100 11.3.2 China National Petroleum Corporation, Business Description, Major Products and Services 102 11.4 China National Petroleum Corporation, SWOT Analysis 103 11.4.1 China National Petroleum Corporation, SWOT Analysis, Overview 103 11.4.2 China National Petroleum Corporation, SWOT Analysis, Strengths 103 11.4.3 China National Petroleum Corporation, SWOT Analysis, Weaknesses 104 11.4.4 China National Petroleum Corporation, SWOT Analysis, Opportunities 105 11.4.5 China National Petroleum Corporation, SWOT Analysis, Threats 106 12 Financial Deals Landscape 107 12.1 Detailed Deal Summary 107 12.1.1 Asset Transactions 107 13 Recent Developments 115 13.1 License Awards 115 13.1.1 Sep 24, 2008: Cooper Wins Exploration License In Bargou Exploration Permit In Tunisia 115 13.2 Recent Discoveries 117 13.2.1 Nov 27, 2008: PA Resources Discovers Oil At Didon North-1 Well In Zarat Permit, Tunisia 117 13.2.2 Oct 23, 2008: OMV Discovers Gas In Sourour-1 Well In Jenein Sud Exploration Permit, Southern Tunisia 118 13.2.3 Sep 17, 2008: Madalena Announces Oil Discovery At TT2 Well On Remada Sud Permit In Tunisia 119 13.2.4 Aug 18, 2008: Eurogas Strikes Oil At REB3 Well On Sfax Offshore Permit, Tunisia 120 13.2.5 Jul 24, 2008: Cygam Announces Preliminary Test Results From Remada Sud TT2 Exploratory Well In Tunisia 120 13.2.6 Jul 14, 2008: OMV Strikes Gas At Ahlem-1 Well In Tunisia 121 13.2.7 Jul 11, 2008: Cygam Updates On TT2 Exploration Well In Remada Sud Permit, Tunisia 122 13.2.8 Jun 23, 2008: Cygam Updates On TT2 Exploration Well 122 13.3 Drilling and Production Updates 123 13.3.1 Mar 17, 2009: Winstar Resources Announces Initial Results On Sabria N3H Well In Central Tunisia 123 13.3.2 Mar 16, 2009: Madalena Ventures Updates On Operations In Tunisia 124 13.3.3 Jan 19, 2009: PA Resources Updates On Its Production And Sales In Q4 2008 124 13.3.4 Nov 12, 2008: Cooper Targets Drilling At Fuschia Prospect In Hammamet Exploration Permit, Tunisia 125 13.3.5 Oct 01, 2008: PA Resources Spuds DN-1 Well On Didon North Prospect In Tunisia 126 13.3.6 Sep 11, 2008: Circle Oil Commences Drilling On Serdouk Prospect In Grombalia Permit, Tunisia 127 13.3.7 Aug 29, 2008: PA Resources Completes Drilling Didon-9 Pilot Well At Didon Field In Tunisia 127 13.3.8 Aug 11, 2008: Petrofac Commences Production From Chergui 128 13.3.9 Jun 16, 2008: Eurogas Commences Drilling Of Ras el Besh Well In Tunisia 128 13.3.10 Jun 10, 2008: PA Resources Spuds Second Well On Didon Field, Tunisia 129 13.3.11 Jun 09, 2008: PA Resources Begins Production From New Well At Didon Oil Field, Offshore Tunisia 130 13.4 Other Significant Developments 131 13.4.1 Mar 03, 2009: Candax Energy Provides Operational Update 131 13.4.2 Feb 26, 2009: Circle Oil Completes Seismic Survey In Mahdia Permit, Offshore Tunisia 132 13.4.3 Jan 30, 2009: Kairiki Provides Q2 2008 Operational Update 132 13.4.4 Dec 01, 2008: Circle Oil Provides Operations Update 134 13.4.5 Oct 23, 2008: Winstar Announces Preliminary Test Results From Chouech Essaida No.9 Well In Southern Tunisia And Tunisian Operational Updates 136 13.4.6 Sep 17, 2008: Winstar Reviews Preliminary Results Of Southern Tunisia 3D Seismic Program 138 13.4.7 Jul 31, 2008: Candax Updates On El Bibane Development And Ezzaouia Drilling 138 14 Appendix 140 14.1 Methodology 140 14.1.1 Coverage 141 14.1.2 Secondary Research 142 14.1.3 Primary Research 142 14.1.4 E&P Forecasts 142 14.1.5 Midstream Forecasts 144 14.1.6 Expert Panel Validation 144 14.2 Contact Us 144 14.3 About Us 145 14.4 Disclaimer 145 Executive Summary 1.1 List of Tables Table 1: Tunisia, Historical and Forecasted Production and Consumption of Crude Oil, 1996-2020 13 Table 2: Tunisia, Historical and Forecasted Imports Of Petroleum Products, 1996-2020 15 Table 3: Tunisia, Historical Reserves of Crude Oil, 1996-2008 17 Table 4: Tunisia, Crude Oil Royalty Rate, 2007 22 Table 5: Tunisia, Natural Gas Royalty Rate, 2007 23 Table 6: Tunisia, Crude Oil Income Tax Rate, 2007 24 Table 7: Tunisia, Natural Gas Income Tax Rate, 2007 24 Table 8: North Africa, Investment Benchmarking, Overall Country Rankings, 2008 27 Table 9: North Africa, Investment Benchmarking, Upstream Fiscal Attractiveness, 2008 28 Table 10: North Africa, Investment Benchmarking, Oil Sector Performance, 2008 30 Table 11: North Africa, Investment Benchmarking, Economic Performance, 2008 34 Table 12: North Africa, Country Standings, Economic Performance, 2008 34 Table 13: North Africa, Investment Benchmarking, Socio-Political Performance, 2008 36 Table 14: North Africa, Country Standings, Socio-Political Performance, 2008 36 Table 15: Tunisia, Crude Oil Key Statistics, 2008 38 Table 16: Tunisia, Total Gross Crude Oil Production (MMBBLs), 2001-2008 39 Table 17: Tunisia, Gross Crude Oil Production (MMBBLs), by Assets,2001-2008 40 Table 18: Tunisia, Gross Equity Weighted Crude Oil Production (MMBBLs),by Company, 2001-2008 41 Table 19: Tunisia, Market Share (%) based on Gross Equity Weighted Crude Oil Production, 2001-2008 43 Table 20: Tunisia, Gross Crude Oil Production (Barrels), Forecast by Assets, 2009-2014 45 Table 21: Tunisia, Forecasted Assets-wise Gross Revenue(000$), 2009-2014 45 Table 22: Tunisia, Projected Assets-wise Total Government Take (000$), 2009-2014 46 Table 23: Denmark, Projected Assets-wise Total Contractor Take (000$), 2009-2014 46 Table 24: Tunisia, Active Oil Field Asset Details 47 Table 25: Tunisia, Planned Oil Field Assets Details 47 Table 26: Tunisia, Pipeline Key Statistics, 2008 48 Table 27: Tunisia, Crude Oil Pipeline Length by Company (Km), 2008 48 Table 28: Tunisia, Petroleum Product Pipeline Length by Company (Km), 2008 49 Table 29: Tunisia, Crude Oil Pipelines, 2008 50 Table 30: Tunisia, Petroleum Product Pipelines, 2008 51 Table 31: Tunisia, Refinery Key Statistics, 2008 52 Table 32: Tunisia, Total Refining Capacity (MMTPA), 2000- 2013 52 Table 33: Tunisia, Refining Capacity Company-wise (MMTPA), 2000-2013 53 Table 34: Tunisia, Crude Distillation Unit Capacity (MMTPA), 2000-2013 54 Table 35: Tunisia, Oil Storage Key Statistics, 2008 55 Table 36: Tunisia, Total Oil and Chemicals Storage Capacity (Thousand M3), 2000- 2013 55 Table 37: Tunisia, Oil and Chemicals Storage Capacity Company-wise (Thousand M3), 2000-2013 56 Table 38: Tunisia, Storage Capacity (Thousand M3), 2000-2013 57 Table 39: Eni S.p.A., Key Facts 58 Table 40: Eni S.p.A., SWOT Analysis 70 Table 41: Eni S.p.A., Revenue by Segment, Euro Million, 2003-2007 76 Table 42: Eni S.p.A., Revenue by Geography, Euro Million, 2003-2007 77 Table 43: Eni S.p.A., Financial Statements, Euro Million, 2003-2007 78 Table 44: Eni S.p.A., Financial Ratios, Euro Million, 2003-2007 79 Table 45: BG Group plc, Key Facts 80 Table 46: BG Group plc, SWOT Analysis 92 Table 47: BG Group plc, Revenue by Segment, GBP Million, 2003-2007 96 Table 48: BG Group plc, Revenue by Geography, GBP Million, 2003-2007 97 Table 49: BG Group plc, Financial Statements, GBP Million, 2003-2007 98 Table 50: BG Group plc, Financial Ratios, GBP Million, 2003-2007 99 Table 51: China National Petroleum Corporation, Key Facts 100 Table 52: China National Petroleum Corporation, SWOT Analysis 103 Table 53: Kairiki Energy To Sell Its 30% Interest In Sicily Channel Assets To AuDAX Resources 107 Table 54: Kairiki Energy Acquires Exploration Permit GR15 PU 108 Table 55: Benchmark Energy Sells 33.33% Interest In Cosmos Oil Field To Storm Ventures 109 Table 56: PA Resources To Acquire 35% Interest In Tunisia License 110 Table 57: AuDAX Resources Acquires Kerkouane Permit From Stratic Energy 111 Table 58: Kairiki Energy Acquires 30% Interest In Kerkouane Permit From AuDAX 112 Table 59: Circle Oil To Acquire Mahdia Permit Offshore Tunisia From Tethys Oil and Mining 113 Table 60: OMV Acquires 80% Interest In Sidi Mansour From Thani Tunisia Sidi Mansour 114

Companies Mentioned

Eni S.p.A. BG Group plc China National Petroleum Corporation