Edison has completed the sale of its 11.25% stake in the licence for the North Reggane onshore gas project in Algeria to Germany’s Wintershall Dea and Spain’s Repsol.
As per the deal, which were announced in 2022, Repsol has acquired a 6.75% stake in the gas field while Wintershall Dea acquired a 4.50% interest.
The deal follows an exclusive contract signed in May 2022 between Edison and Wintershall Dea that was modified following the exercise of right to pre-emption by the Spanish company.
Edison earlier said the agreement, worth $100m, will signal its exit from oil and gas exploration and production activities.
In a press statement, Edison said: “With this transaction, Edison confirms its strategic commitment to focus its investments toward energy transition and security of supply of the Italian energy markets with over 10 billion euros of CAPEX to be invested between 2023 and 2030.”
Commissioned in 2017, the Reggane North natural gas project comprises six fields in blocks 351c and 352c of the Reganne basin in the Algerian Sahara desert.
Source: Offshore Technology