London-listed oil and gas producer Energean has agreed to sell its portfolio in Egypt, Italy and Croatia to an entity controlled by private equity fund Carlyle for an enterprise value of up to $945 million.
The deal, expected to close by the end of 2024, will involve a cash payment of $504 million, enabling the Mediterranean-focused company to pay a special dividend of $200 million and fully repay a $450 million corporate bond, Energean said on Thursday.
“The transaction delivers on our strategy and Energean’s ability to maximise value for our shareholders,” said chief executive Mathios Rigas.
“Our focus will now be to create enhanced value from our Israel assets and evaluate new opportunities that fit Energean’s key business drivers.”
Energean, which operates the Karish offshore gasfield in the Israeli segment of the Mediterranean Sea, produced 123,000 barrels of oil equivalent per day (boed) last year. The company set a production guidance of 155,000 to 175,000 boed for this year.
The assets being sold, which can produce 47,000 boed, include interests in Cassiopea, Italy’s largest gasfield by reserves, and Abu Qir, one of Egypt's largest gas-producing hubs, Carlyle said.
Carlyle International Energy Partners, an oil and gas fund managed by Carlyle, will establish a stand-alone company in the Mediterranean through both organic growth and mergers and acquisitions, it said.
“We are delighted to acquire this portfolio of high-quality assets in Italy, Egypt and Croatia, countries that are actively encouraging new gas development,” said Bob Maguire, co-head of Carlyle International Energy partners.
Energean got the assets in Egypt, Italy and Croatia when it acquired Edison's oil and gas portfolio in 2020.
Energean provided 60 per cent of Israel’s domestic natural gas demand last year after the country ordered a temporary shutdown of the Chevron-operated Tamar gasfield in the aftermath of the October 7 attack. Production was restarted a month later.
The Levant Basin in the eastern Mediterranean has one of the world's largest natural gas reserves.
In 2009 and 2010, consortia comprising US and Israeli companies discovered the Tamar and Leviathan gasfields, which are estimated to hold 26 trillion cubic feet of natural gas.
Within the past two decades, Israel has switched from being a net importer of oil and gas to an exporter of the commodity to countries such as Egypt and Jordan.
In recent years, the region has become increasingly important, with Europe aiming to replace its gas supplies from Russia.
Israel, Egypt and Cyprus are expected to build the $6.5 billion Eastern Mediterranean pipeline that will transport natural gas to Europe via Greece.
However, the timeline for the proposed project remains uncertain amid concerns about the Gaza conflict and a global shift away from fossil fuels.
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
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German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Turkish Ladies
Various artists, Sony Music Turkey
BMW M5 specs
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Power: 727hp
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WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
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The Undertaker beats Rusev in a casket match
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Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last
Sunday's fixtures
- Bournemouth v Southampton, 5.30pm
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RESULT
Deportivo La Coruna 2 Barcelona 4
Deportivo: Perez (39'), Colak (63')
Barcelona: Coutinho (6'), Messi (37', 81', 84')
Specs
Engine: Duel electric motors
Power: 659hp
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Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
UAE currency: the story behind the money in your pockets
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
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