{"id":596727,"date":"2019-07-07T04:43:50","date_gmt":"2019-07-07T04:43:50","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/07\/greeces-energean-to-acquire-edisons-oil-and-gas-portfolio-for-usd-750-mn\/"},"modified":"2019-07-07T04:43:50","modified_gmt":"2019-07-07T04:43:50","slug":"greeces-energean-to-acquire-edisons-oil-and-gas-portfolio-for-usd-750-mn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/07\/greeces-energean-to-acquire-edisons-oil-and-gas-portfolio-for-usd-750-mn\/","title":{"rendered":"Greece\u2019s Energean to acquire Edison\u2019s oil and gas portfolio for USD 750 mn"},"content":{"rendered":"

<\/a> M&A WATCH- Greece\u2019s Energean to acquire Edison\u2019s oil and gas portfolio for USD 750 mn: <\/b>Greek energy company Energean Oil & Gas is due to buy the oil and gas portfolio of Italy\u2019s Edison, which includes substantial assets in Egypt, the company announced in a statement (pdf)<\/a>. Energean will pay an initial USD 750 mn, in addition to a further USD 100 mn after gas production from the offshore Italian Cassiopeia field begins, which is expected to happen in 2022. The Greek company will fund the transaction via an equity placing and a loan. The acquisition \u201cestablishes Energean as the leading independent, gas focused E&P company in the Mediterranean,\u201d said Mathios Rigas, Energean chief executive.<\/p>\n

What exactly is Energean purchasing?<\/b> Egyptian gas fields are a core part of Edison\u2019s oil and gas unit, make up 24% of the company\u2019s portfolio. Its Egypt portfolio<\/a> includes three producing concessions and six exploration concessions. Of the production assets, it owns a 100% stake in Abu Qir, a 60% stake in West Wadi El Rayan and a 20% stake in Rosetta. It also has a 100% stake in three exploration assets, and shares ownership of the remaining three with state-owned companies EGAS and EGPC. These assets are expected to produce an average 50k boe\/d this year.<\/p>\n

Energean\u2019s expansion into the gas-rich eastern Mediterranean has been a long time coming:<\/b> We reported in February 2018<\/a> that the Greek company planned to list on the London Stock Exchange in order to finance expansion in the region. The company finally made its bid<\/a> for Edison\u2019s oil and gas portfolio in June of this year, competing with Cairn Energy up until last week<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

M&A WATCH- Greece\u2019s Energean to acquire Edison\u2019s oil and gas portfolio for USD 750 mn: Greek energy company Energean Oil & Gas is due to buy the oil and gas portfolio of Italy\u2019s Edison, which includes substantial assets in Egypt, the company announced in a statement (pdf). Energean will pay an initial USD 750 mn, […]<\/p>\n","protected":false},"author":1,"featured_media":596728,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[3678,198,72,91,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-596727","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-edison","tag-energean","tag-enterpriseam","tag-oil-and-gas","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"f20c9a57-2468-4443-b591-d187e2063616","is_powered_by":true,"section_story_id":"eecb0797-2ef7-446a-a233-3e10bee7c1bd","story_type":"1","photo_url":"https:\/\/ent.news\/2019\/7\/1686.jpg","photo_position":"above","related_issue":[596716],"teaser":"","voice_url":""},"yoast_head":"\nGreece\u2019s Energean to acquire Edison\u2019s oil and gas portfolio for USD 750 mn - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/07\/greeces-energean-to-acquire-edisons-oil-and-gas-portfolio-for-usd-750-mn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Greece\u2019s Energean to acquire Edison\u2019s oil and gas portfolio for USD 750 mn\" \/>\n<meta property=\"og:description\" content=\"M&A WATCH- Greece\u2019s Energean to acquire Edison\u2019s oil and gas portfolio for USD 750 mn: Greek energy company Energean Oil & Gas is due to buy the oil and gas portfolio of Italy\u2019s Edison, which includes substantial assets in Egypt, the company announced in a statement (pdf). 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The\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572576,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/30\/energean-is-buying-less-of-edisons-oil-and-gas-assets-but-egypt-is-still-part-of-the-transaction\/","url_meta":{"origin":596727,"position":1},"title":"Energean is buying less of Edison\u2019s oil and gas assets, but Egypt is still part of the transaction","author":"enterpriseam admin","date":"30 June 2020","format":false,"excerpt":"M&A WATCH- Energean is buying less of Edison\u2019s oil and gas assets, but Egypt is still part of the transaction: Edison has agreed to cut the price at which it sell its oil and gas portfolio to Energean by more than 60% to USD 284 mn after its assets in\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598995,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/16\/greeces-energean-makes-bid-for-edisons-oil-and-gas-business\/","url_meta":{"origin":596727,"position":2},"title":"Greece\u2019s Energean makes bid for Edison\u2019s oil and gas business","author":"enterpriseam admin","date":"16 June 2019","format":false,"excerpt":"M&A WATCH- Greece\u2019s Energean makes bid for Edison\u2019s oil and gas business: Greek energy company Energean Oil & Gas has made an offer for oil and gas exploration and production assets held by Edison, including those in Egypt, Bloomberg reported, citing unidentified sources. Edison, an Italian arm of France\u2019s EDF,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":632797,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/20\/greek-oil-and-gas-producer-energean-planning-lse-listing-to-raise-capital-for-expansion-in-the-mediterranean-region\/","url_meta":{"origin":596727,"position":3},"title":"Greek oil and gas producer Energean planning LSE listing to raise capital for expansion in the Mediterranean region","author":"enterpriseam admin","date":"20 February 2018","format":false,"excerpt":"Speaking of Mediterranean gas, Greek oil and gas producer Energean is planning to list on the London Stock Exchange in March to raise USD 500 mn in capital \u201cas it seeks to tap investor appetite in its gas prospects in the eastern Mediterranean,\u201d which has been growing since Eni discovered\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571771,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/31\/energean-to-acquire-edisons-egypt-assets-in-coming-months\/","url_meta":{"origin":596727,"position":4},"title":"Energean to acquire Edison\u2019s Egypt assets in coming months","author":"enterpriseam admin","date":"31 May 2020","format":false,"excerpt":"M&A WATCH- Energean to acquire Edison\u2019s Egypt assets in coming months: Greece\u2019s Energean hopes to acquire Edison\u2019s oil and gas portfolio in the coming months, saying delays in closing the transaction are just the result of \u201croutine procedures\u201d and disruption caused by the covid-19 pandemic, according to Youm7. Energean earlier\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":559485,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/24\/energean-ramping-up-spending-at-former-edison-assets\/","url_meta":{"origin":596727,"position":5},"title":"Energean ramping up spending at former Edison assets","author":"enterpriseam admin","date":"24 January 2021","format":false,"excerpt":"Energean is planning to spend some USD 235 mn to develop the North Amriya and North Idku concessions offshore Egypt, the Greek company said in a statement (pdf) on Thursday, its first major investment in its Egypt assets since acquiring them from Edison last year. The North Amriya concession contains\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/1\/283.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/596727","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=596727"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/596727\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/596716"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/596728"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=596727"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=596727"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=596727"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=596727"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=596727"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}