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Thursday, 10 January 2019

EDF looking to sell Edison’s Egypt exploration and production assets

Potential bidders for Edison’s Egypt assets line up ahead of expected close this month: France’s EDF is looking to sell Edison exploration and production assets in Egypt and Italyin a private auction where bidders are expected to offer up to USD 2 bn, sources close to the matter told Bloomberg. Neptune Energy, Warburg Pincus’s Apex International Energy and DEA Deutsche Erdoel AG could be potential bidders in the auction whose deadline is sometime this month, the unnamed sources said. The move comes amid plans by the French company to pull away from the fluctuating oil and gas market and focus instead on the nuclear and renewable energy market.

Background: Edison appears to not be be pulling out of Egypt completely saying last month it was not giving up oil and gas exploration rights in Egypt’s northeastern Hapi and Theqa concessions. The company had also said it would launch a USD 200 mn development program at two offshore concessions in the Nile Delta, expecting production by 1Q2021.

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