Greek energy company Energean acquires Italy’s Edison portfolio including assets in Egypt

Greek energy company Energean has completed the acquisition of Edison’s energy portfolio, which includes substantial oil and gas assets in Egypt, the company said in a statement.

Having originally asked for $850 million, the Italian company agreed to slash its asking price by more than 60 percent to $284 mn earlier this year as the coronavirus pandemic roiled energy markets.Edison received $203 million as a net consideration.

What has Energean bought? Egyptian fields were a core part of Edison’s oil and gas unit, making up 24 percent of its portfolio. It includes three producing concessions and six exploration blocks.

The production assets included a 100 percent stake in Abu Qir, a 60 percent stake in West Wadi El Rayan and a 20 percent stake in Rosetta.

They also covered 100 percent stakes in three assets under development, including the North Amriya and North Idku fields. These assets averaged a production of 48.1k barrels of oil equivalent a day in the first nine months of the year, Energean said.