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| Edison Abu Qir (Source: Edison Website) |
JANUARY 15, 2016 / ENERGY EGYPT
Edison, Italy’s No. 2 energy company owned by France’s EDF, is trying to sell part of its Abu Qir field in Egypt and has opened the books to prospective buyers including Kuwait’s KUFPEC, people familiar with the matter said.
Edison, which paid around $1.4 billion for the field in 2009, owns all exploration and production rights at Abu Qir but manages it in a joint venture with Egypt’s EGPC.
“The data room is open and KUFPEC is one of at least four companies that have had a look,” one source said.
A second source also reported the Kuwaiti company’s interest along with others but said the fall in oil prices was slowing the process.
