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Edison’s oil assets acquisition devalued to $600m after Algerian fields excluded - Daily News Egypt

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Edison’s oil assets acquisition devalued to $600m after Algerian fields excluded

Procedures for purchasing Edison fields to be completed in 2020

Greece’s Energean Oil & Gas announced that the acquisition value of Italian Edison’s concessions has been decreased to $600m after excluding the latter’s $150m worth assets in Algeria.

The two companies amended the agreement terms on 2 April.

Energean is looking to complete the acquisition deal in 2020, with the approval of its shareholders and relevant governments being obtained.

The Greek company stated that it would finalise another agreement with Neptune Energy, to sell Edison’s UK and Norwegian portfolios for $250m. Energean would get more $30m after completing the transaction as soon as possible.

Energean had signed a conditional Sales and Purchase Agreement (SPA) on 4 July 2019, to acquire Edison E&P from Edison S.p.A. The completion of the transaction is subject to the relevant governments’ approvals.

The company announced that the FPSO ship had left the Cusco shipyard in China, heading to Sembcorp Maritime Shipyard in Singapore. Once there, the overhead deck will be merged, before the FPSO ship sets off to begin operations in the Karish field in Israel, to complete the installation and connection works for deepwater pipelines.

The company said that the FPSO vessel, which has a liquid storage capacity of up to 800,000 barrels, is working to connect marine pipelines. This comes in addition to processing gas produced from fields with a capacity of 800m cubic feet per day.

Sailing the ship from China is a major achievement in the Karish Project schedule, as it is expected to start production in the first half of 2021.

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