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Thursday, 4 July 2019

Energean in pole position to take over Edison’s oil and gas unit

Energean in pole position to take over Edison’s oil and gas unit: Greek energy company Energean is the frontrunner to take over Edison’s oil and gas unit, sources told Reuters. The company is said to be locked in a bidding war with Cairn Energy over the EDF-owned company’s oil and gas assets, which include several concessions in Egypt’s Mediterranean waters. EDF and Edison will make a final decision in the coming days, according to one of the sources.

Edison is continuing work as normal: Edison has contracted Maersk Drilling for a deepwater semi-submersible drilling rig to drill an exploration well in its North Theqa gas field, Offshore Engineer cited Maersk Drilling as saying. The contract is expected to begin in 4Q2019.

Background: Sources had told Bloomberg earlier this year that EDF was looking to sell Edison’s oil and gas assets in Egypt and Italy in a private auction where bidders were expected to offer up to USD 2 bn. Edison last year had denied reports in the domestic press that it has forfeited its right to explore for natural gas in the northeastern Hapi and Theqa concessions.

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