Energean Eyes BP's Egyptian Assets for $1 Billion Deal
Energean is in exclusive talks to acquire BP's Egyptian oil and gas assets for approximately $1 billion. The proposed deal includes BP's interests in the West Nile Delta gas assets, which it owns with Harbour Energy, as well as its 50% contractor working interest in the Temsah concession in the eastern Mediterranean.
The sale process was reported earlier this year when BP considered divesting some of its Egyptian gas assets to cut costs and reduce debt. The Temsah concession has become more valuable following the Denise West discovery, which is estimated to contain around 2 trillion cubic feet of gas and 130 million barrels of condensate.
The acquisition would expand Energean's portfolio in Egypt while reducing its dependence on its flagship Israeli gas operations, which have faced repeated shutdowns due to regional conflicts. The company has been seeking expansion opportunities in both Egypt and West Africa.