ETAP was created by law on March 10, 1972, to manage petroleum exploration and production activities on behalf of the Tunisian government. ETAP is primarily active in endeavours related to attracting international oil companies to provide financing for exploration projects, particularly in the country’s smaller oil fields. To help achieve this objective, Tunisia introduced a new hydrocarbon law (Law 99/93) that includes incentives with favourable fiscal regulations and additional legal flexibility of licensing procedures and terms.
The new law has been effective since August 20, 2000. A provision for foreign corporations was a reduction in the tax rate from 75 to 50 percent, with ETAP taking a 40% share of the concession.
Company website – www.etap.com.tn