On the surface London-listed Greek independent Energean appears to have bagged a great deal. Having agreed last July to pay $750mn for the upstream assets of Italy’s Edison (MEES, 5 July 2019), it has now agreed to hand over a mere $178mn for assets that include the bulk of the original deal’s output.
The original deal would have netted Energean 69,000 boe/d (80% gas). Of this, 43,000 boe/d (as of end-2019) is retained in the latest deal, almost two-thirds the original total. Almost all of this is in Egypt, with the key asset the Abu Qir gas fields just offshore from Alexandria (see map, MEES, 3 July). (CONTINUED - 1063 WORDS)