Major Canadian Oil Company awarded oil research permit in Tozeur
Tunis , July 6, 2007- (TunisiaOnline)--Canadian oil and gas company "Cygam Energy Inc" was granted an oil exploration permit in in Tozeur, southern Tunisia .
The agreement was signed, on July 5, 2007 by the Tunisian Minister of Industry, Energy and Small and Medium Enterprises, Afif Chelbi, and the CEO of Cygam's Italian unit, "Rigo Oil Company ltd" .
The " South Tozeur " permit covers 4380 square kilometers (1,690 square-mile) and stretches over the governorates of Tozeur and Kebili.
The four-year initial plan consists in drilling an exploration well which costs about 8 million dollars.
The agreement which stipulates that the initial woks are to be financed by the Canadian Company aims at maximizing the profits of ETAP.
Tunisia 's 11 th plan development includes the drilling of some 15 exploration wells, within the 5 next years.
Potential oil resoures will not be the only asset of the Tozeur-Kebili area, which boasts one of the largest and most beautiful oasis in the country as well as an outstanding tourist infrastructure.
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