Carlyle to acquire gas assets in Italy, Egypt, and Croatia from Energean

Global investment firm Carlyle (NASDAQ: CG) has entered into a definitive agreement to acquire a substantial portfolio of gas-weighted exploration and production (E&P) assets across Italy, Egypt, and Croatia from Energean plc, a company renowned for its focus on Mediterranean resources. This acquisition, pending regulatory approvals, involves assets projected to produce about 47,000 barrels of oil equivalent per day.

The assets include Cassiopea, Italy’s largest gas field by reserves, and Abu Qir, a significant gas production hub in Egypt. These regions are pivotal due to their supportive stance towards new gas developments, positioning Carlyle to enhance its presence significantly in the Mediterranean’s growing natural gas market.

Carlyle plans to leverage its extensive experience in E&P asset management, demonstrated by its successful investments in Neptune Energy, Assala Energy, and SierraCol. Tony Hayward, former CEO of BP and current Executive Chairman of SierraCol, will chair the new standalone E&P entity. The funding for this venture will be sourced from Carlyle International Energy Partners (CIEP), which focuses on global energy investments.

Bob Maguire, Co-Head of Carlyle International Energy Partners, expressed enthusiasm about the acquisition, citing the strategic importance of the involved countries in the energy transition. Mathios Rigas, CEO of Energean, affirmed Carlyle’s capability to enhance these assets, recognizing the dedicated efforts of the teams in Italy, Egypt, and Croatia. Tony Hayward highlighted the opportunity to establish a regional leader in a rapidly evolving market.

This transaction reflects a strategic maneuver by Carlyle to capitalize on the burgeoning demand for natural gas in the Mediterranean. By focusing on high-quality assets in geopolitically stable regions, Carlyle is poised to not only expand its operational footprint but also to integrate these assets into a broader decarbonization strategy effectively.