Energean acquires Edison E&P

The deal expands Energean’s footprint in the Mediterranean, giving it assets in gas-rich Egypt and Algeria for the first time

Energean has expanded fast, from a small private start-up firm in Greece in 2007, to become a major East Med upstream player. It is developing the Karish and Tanin gas fields offshore Israel, with first gas scheduled to be delivered to power firms in the country in Q1 2021. Energean has commissioned its own floating production storage offloading facility—the first to operate in the East Med. It will operate 56 miles (90km) off the Israeli coast. This latest move consolidates its position in a major way. The London-based company is acquiring Edison E&P and its subsidiaries for $750mn, with an additional consideration of $100mn contingent on the commissioning of the Cassiopea gas project i