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Carlyle creates new Mediterranean-focused oil and gas company with US$945-million Energean deal

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Energy समाचार

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The deal will allow Carlyle to tap into the eastern Mediterranean gas market that has grown rapidly in recent years as gas demand in Egypt soars and Europe seeks alternatives to Russian gas

Carlyle will form a new Mediterranean-focused oil and gas company led by former BP CEO Tony Hayward after the private equity fund agreed to acquire Energean’s assets in Egypt, Italy and Croatia for up to $945-million, the companies said on Thursday.

But it will seek to grow output by upgrading existing assets and through other acquisitions in the Mediterranean, CIEP co-head Bob Maguire told Reuters. Jefferies analysts estimated the net asset value of the resources that Energean is selling to be $1.28-billion, implying a 26 per cent discount in the deal.

Energean’s board expects to redefine its dividend policy following the completion of the deal, which is expected by year-end.

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