Neptune Energy, DEA Bid for Edison's O&G Assets

By Shadia Nasralla, Ron Bousso and Clara Denina
Friday, January 25, 2019

Private-equity backed Neptune Energy and Germany's DEA are bidding for the oil and gas assets in Egypt, Italy and elsewhere being sold by EDF's Italian unit Edison, industry sources said on Friday.

The offers are non-binding at this stage, one of the sources said. Edison wants to exit oil and gas production to focus on its domestic electricity and gas retail business.

Edison's oil and gas production has grown sharply in the past decade, with activities focused in Italy, the British and Norwegian North Sea, Egypt, Israel, Algeria, Croatia and the Falkland Islands.

The Egyptian assets, including the Abu Qir concession and more than 250 million barrels of oil equivalent in reserves, are one of the most attractive parts, accounting for more than 50 percent of the value of the portfolio, sources said.

The Italian assets account for about a third of the value.

"You're buying Edison for Egypt," one source with knowledge of the matter said.

Private equity-backed Apex International also looked at the assets but decided against bidding for the whole package as it was mostly interested in the Egyptian and Norwegian assets, one of the sources said.

EDF, Neptune, Apex and DEA, which is in the process of merging with BASF's Wintershall, declined to comment.

(Reuters, By Shadia Nasralla, Ron Bousso and Clara Denina, Additional reporting by Geert de Clerq Editing by Jason Neely and Edmund Blair)

Categories: Mergers & Acquisitions Shale Oil & Gas

Related Stories

One Shelf Drilling Rig Up for New Job in India, Other for Disposal

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

Woodside Agrees Long-Term LNG Supply with Petronas Unit

MODEC and Terra Drone Renew FPSO Drone Inspection Partnership

CNOOC Starts Production at Offshore Field in South China Sea

Current News

One Shelf Drilling Rig Up for New Job in India, Other for Disposal

Four Jack-Up Drilling Rig Deals Set to Bring In $129M for Borr Drilling

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

Yinson Production Secures $1.17B Refinancing for FPSO Maria Quitéria

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com