Greek energy group Energean, a major player in the hydrocarbon sector, has announced the sale of its assets in Egypt, Italy and Croatia in order to focus strategically on its projects in Israel and Morocco, in particular the Anchois gas field off the coast of Larache.
Energean announced on Thursday that it had signed an agreement to sell its Mediterranean portfolio to Carlyle International Energy Partners, a transaction valued at between $820 million and $945 million.
This decision is part of a refocusing strategy that will enable Energean, which is listed on the London and Tel Aviv stock exchanges, to strengthen its liquidity in order to meet its financial obligations and increase its investments in the fast-growing natural gas sector.
Following the completion of this transaction, Energean will retain a portfolio with a substantial natural gas focus. This portfolio will be dominated by its flagship projects such as the Karish field offshore Israel, the Anchois field offshore Larache in Morocco, and a carbon capture and storage facility in western Greece.
These strategic assets illustrate Energean’s transformation into a more specialised entity optimised to meet the region’s growing natural gas needs.
This transformation strategy was accelerated last April, when Chariot Limited finalised partnership agreements with Energean plc, following the receipt of all required government and regulatory approvals from the Kingdom of Morocco.
Under these agreements, Energean has acquired 45 per cent and 37.5 per cent interests respectively in the Lixus and Rissana offshore licences, becoming the lead operator of these concessions. Chariot Limited retains a 30 per cent and 37.5 per cent interests in these licences, while the ‘Office National des Hydrocarbures et des Mines’ (ONHYM) retains a 25 per cent interest in each.
Energean’s particular focus on the Anchois field reflects a clear ambition to develop gas exploitation off the Moroccan coast. The Anchois field represents a significant opportunity given its large gas reserves and proximity to major energy markets in Europe.
As part of the partnership, Energean has already made an upfront payment of $10 million to Chariot Limited, an investment that demonstrates the Greek company’s strong commitment to its Moroccan projects.
The expansion of Energean’s activities in Morocco comes against a global backdrop in which energy dynamics are moving towards increased decarbonisation and growing dependence on gas resources. The ultimate aim is to build a robust portfolio of assets capable of meeting today’s energy challenges, while maximising the production of natural gas, which is seen as a key transition energy towards more sustainable energy systems.
MN/te/fss/GIK/APA
Morocco: Energean to refocus on natural gas-related activities
