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French utility firm Electricite de France (EDF) is looking to raise around $2bn from the sale of the upstream assets of its Italian subsidiary Edison. Key assets are in Egypt and Algeria.
Edison operates Egypt’s shallow-water 270mn cfd Abu Qir field near Alexandria. It plans to invest $200mn this year in tying in discoveries on two additional blocks further offshore, North Idku and North El Amriya, for Q1 2021 start-up.
Further to the east, Edison also operates two highly-rated deepwater exploration blocks which it plans to drill back to back later this year: it recently recommitted to the plans in an attempt to quash rumors that the company planned to quit Egypt ( MEES, 21 December 2018 ). (CONTINUED - 226 WORDS)