Carlyle taking on Energean E&P interests in Egypt, central Mediterranean

June 21, 2024
The transaction should complete by the end of this year.

Offshore staff

ATHENS, GreeceEnergean has agreed to sell its E&P portfolio in Egypt, Italy and Croatia to an entity controlled by Carlyle International Energy Partners for up to $945 million.

Subject to regulatory and anti-trust approvals, the transaction should complete by the end of this year.

Energean gained these interests through its 2020 acquisition of Edison E&P. The production, development and exploration assets, mainly in the Mediterranean Sea and the Gulf of Suez, comprise 2P reserves of 150 MMboe (70% gas) and net production of 34,000 boe.d (37% gas).

The company said it paid $284 million for these assets in 2020.

Selling them, Energean added, would reduce its E&P emissions intensity by 40%, and its decommissioning liabilities by 60%, while providing $7.5 million/year of cost savings.

Post-completion, Energean will have a gas-weighted portfolio led by its Karish Field offshore Israel, the Anchois Field offshore western Morocco, and the carbon capture and storage hub offshore western Greece. 

CEO Mathios Rigas said, “Our focus will now be to create enhanced value from our Israel assets and evaluate new opportunities that fit Energean’s key business drivers.”

Staff employed by Energean Italy (which includes Croatia) and Energean Egypt will continue their employment under Carlyle's ownership.



Courtesy Energean's "January 2024 Trading & Operations Update"