Edison, a prominent energy company, has recently finalized the sale of its 11.25% stake in the Reggane Nord license, situated in Algeria. This significant development follows the approval granted by Algerian authorities, as officially announced in the decree published in the national gazette on October 12, 2023. The agreements for this transaction were initially inked on May 4 and June 29, 2022.
Under the terms of this strategic move, Edison has successfully divested its 11.25% stake to Repsol (6.75%) and Wintershall Dea (4.50%). Notably, the Reggane Nord license is predominantly geared towards gas production, with the gas exclusively supplied to Sonatrach on a long-term basis.
The transaction’s total value is in line with previous declarations, amounting to approximately $100 million, with the reference date set as January 1, 2022. All other aspects of the agreement remain unaltered.
Edison’s decision to divest its stake in the Reggane Nord license is a testament to the company’s strategic commitment to redirect its investments towards energy transition and ensuring a secure supply for the Italian energy markets. Edison is steadfast in its ambitious plans to invest over $10 billion in capital expenditure (CAPEX) between 2023 and 2030, reaffirming its dedication to sustainable and dependable energy solutions.
This move not only reflects Edison’s evolving energy strategy but also underscores the dynamic nature of energy investments in Algeria and their role in fostering sustainable energy solutions.
For further updates and insights into Algeria’s energy landscape, stay tuned to our dedicated news portal.
