Greek energy group Energean recently made a major announcement regarding the sale of its assets in Egypt, Italy and Croatia. This strategic repositioning aims to concentrate its efforts on its promising projects in Israel and Morocco, with a particular interest in the Anchois gas field off the coast of Larache (Energean, 2023).
Energean, listed on the London and Tel Aviv stock exchanges, has reached an agreement to sell its Mediterranean portfolio to Carlyle International Energy Partners. This operation is valued at a sum of between $820 and $945 million. Through this transaction, Energean intends to strengthen its liquidity, necessary to meet its financial obligations and increase its investments in natural gas, a booming sector (Energean, 2023).
Following this transaction, Energean’s portfolio will be mainly focused on natural gas. Key projects include the Karish field offshore Israel, the Anchois field in Morocco and a carbon capture and storage center in Greece. These assets show a transformation towards a more specialized entity to satisfy the growing natural gas needs in the region (Energean, 2023).
Energean’s strategy gained new momentum last April thanks to partnership agreements with Chariot Limited after obtaining the necessary authorizations from the Kingdom of Morocco. Energean acquired shares of 45% and 37.5% in the offshore licenses of Lixus and Rissana, becoming the main operator of these concessions. Chariot Limited retains the other shares in association with the National Office of Hydrocarbons and Mines (ONHYM) (Energean, 2023).
Energean places particular emphasis on the Anchois field, which represents a significant economic opportunity due to its vast gas reserves and its proximity to major European energy markets. The company has already paid an initial amount of $10 million to Chariot Limited, which shows its significant commitment to this Moroccan project (Energean, 2023).
This commitment is part of a global context characterized by a move towards decarbonization and increased dependence on gas resources. Energean thus aims to build a solid portfolio capable of responding to current energy challenges while exploiting natural gas, considered an essential pivot towards more sustainable energy systems (Energean, 2023).
