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.
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