Deal Insight

EDF exits upstream in preparation for the energy transition

17 July 2019

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17 July 2019

EDF exits upstream in preparation for the energy transition

Report summary

EDF-owned Edison has become the latest utility to exit the upstream space, selling its wholly-owned subsidiary Edison E&P to Energean Oil & Gas. The initial consideration is US$750 million, which could increase to around US$1 billion, contingent on development milestones and royalty payments. The gas-weighted portfolio includes operated and non-operated interests both onshore and offshore Italy, a 100% interest in Abu Qir in Egypt, the onshore Reggane Nord field in Algeria, two under development fields in Norway, and the Glengorm discovery in the UK North Sea.

Executive summary
Transaction details
Upstream assets
Deal analysis
Upsides and risks
Strategic rationale
Oil & gas pricing and assumptions

Tables and charts

This report includes 10 images and tables including:

Executive summary: Table 1
Upstream assets: Table 1
Deal analysis: Table 1

1) Edison capex and cash flow outlook; 2) Edison NPV10 by country (incl Glengorm)
Deal analysis: Table 2
Deal analysis: Table 3
Deal analysis: Table 4
Energean's combined production post-acquisition
Oil & gas pricing and assumptions: Table 1
Oil & gas pricing and assumptions: Table 2