Energean plc has agreed to transfer its portfolio in Egypt, Italy, and Croatia to Carlyle International Energy Partners for $945 million, with a minimum of $820 million.

An Energean announcement stated that the agreement was reached yesterday and is expected to be completed by the end of the year, pending all necessary regulatory and antitrust approvals.

Key provisions of the agreement include a transfer value of $5.4 per barrel (proven 2P reserves) of oil equivalent, against an acquisition cost of $1.2 per barrel, with additional potential consideration based on Energean’s recent discovery in Egypt.

Regarding the agreement, Mathios Rigas, CEO of Energean plc, stated that the deal opens a new impressive chapter for Energean, unlocking significant managerial potential and providing financial flexibility for future growth. The focus will now be on creating enhanced value from the portfolio in Israel and evaluating new opportunities aligned with Energean’s operational philosophy. He added that Carlyle is the right steward for the transferred assets.

Bob Maguire, head of Carlyle International Energy Partners, expressed his satisfaction with acquiring the high-quality assets in Italy, Egypt, and Croatia, countries that encourage new gas development, which he said "will play a central role in the energy transition."