Global investment firm Carlyle (NASDAQ: CG) announced today that it has agreed to acquire a portfolio of gas-weighted exploration and production (E&P) assets in Italy, Egypt, and Croatia from Energean plc, a London-based company focused on developing resources in the Mediterranean. The transaction is subject to customary regulatory approvals.
This acquisition will provide Carlyle with a diversified portfolio of strategic gas-weighted assets with expected production equivalent to 47,000 barrels of oil per day. The operations span Italy, Egypt, and Croatia and include interests in Cassiopea, Italy’s largest gas field by reserves, and Abu Qir, one of the largest gas-producing hubs in Egypt.
Carlyle plans to leverage its experience in successful carve-outs of E&P assets to establish a standalone business through organic growth initiatives and mergers and acquisitions (M&A). Tony Hayward, former CEO of BP and current Executive Chairman of SierraCol, will become Chairman of the new company focused on scaling its operations in the region.
Equity for the transaction will come from the Carlyle International Energy Partners (CIEP) platform. Bob Maguire, Co-Head of Carlyle International Energy Partners, stated: “We are delighted to acquire this portfolio of high-quality assets in Italy, Egypt and Croatia, countries that are actively encouraging new gas development. We believe this will play a central role in the energy transition. We look forward to supporting the transformation of these assets into a scalable E&P platform in the Mediterranean.”
Mathios Rigas, Chief Executive Officer of Energean, commented: “Carlyle is the right custodian for this asset base. We wish them every success as we continue to develop our natural gas-focused asset base.”
Tony Hayward added: “This acquisition provides a strong platform to build a standalone regional champion in the Mediterranean.”
Carlyle employs more than 2,200 people across 28 offices on four continents. More information can be found at www.carlyle.com.
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