Edison completes the divestment of Exploration and Production activities

The company signed an agreement with Wintershall Dea for the disposal of Edison’s stake in the Algerian licence of North Reggane, the latest hydrocarbon asset in Edison’s portfolio.

Milan, May 4, 2022 – Edison announces that it has signed an agreement to sell its stake in the North Reggane license in Algeria, completing the divestment of all Exploration and Production (E&P) activities following the company’s strategic realignment towards its energy transition businesses. Under the agreement, Edison will sell its 11.25% stake in the North Reggane on-shore gas field to Wintershall Dea Algeria Gmbh.

The agreement is based on a value for Edison’s participating interest in Reggane Nord of approximately 100 million dollars.

Wintershall Dea already holds a 19.5% stake in the licence. The North Reggane field started production stream in 2017 and consists of 19 currently productive wells which provide approximately 2.8 billion cubic metres of gas per year sold entirely to Sonatrach in Algeria on the basis of a long-term contract.

The transaction is subject, among others, to customary authority approvals.

Through this transaction, Edison exits from the Exploration and Production activities completing a process started in 2019 following the company’s new strategic realignment towards its green transition businesses. The first stage of this path was the disposal of all E&P activities directly operated by Edison to Energean Oil and Gas, through the agreement signed in July 2019 and finalised in December 2020, with the exception of the Norwegian and Algerian assets. In December 2020, the company continued the path with the sale to Sval Energi, completed in March 2021, of 100% of Edison Norge AS which has stakes in assets under development and a portfolio of exploration licences in Norway.