Energean Terminates $945 Million Asset Sale Deal Due to Regulatory Hurdles

London-based oil and gas player Energean has announced the termination of its divestment deal worth $945 million for its asset portfolio in Egypt, Italy, and Croatia. The sale, intended to boost the company’s pursuit of a gas-weighted portfolio growth in the Mediterranean and EMEA region, fell through due to key regulatory approvals not being obtained within the agreed timeline.

In June 2024, Energean entered into a binding agreement with Carlyle International Energy Partners for the disposal of its assets, with an enterprise value of up to $945 million. The sale was aimed at delivering a significant return on investment, as the portfolio was initially acquired for $284 million in 2020.

Despite expectations of completing the transaction by the end of 2024, regulatory hurdles in Italy and Egypt, as well as antitrust approvals in various regions, posed challenges. As a result, the company disclosed on March 17, 2025, that certain regulatory approvals were not obtained by Carlyle or waived, leading to the termination of the deal.

Energean’s Chief Executive, Mathios Rigas, emphasized the company’s commitment to its strategic direction and growth objectives, despite the setback. Rigas stated, “Italy, Egypt, and Croatia will remain core pillars of our operations, and we look forward to driving further investment, development, and value creation in all countries.”

With the termination of the sale agreement, Energean will focus on providing updated production and financial guidance for its portfolio, including assets in Egypt, Italy, and Croatia. The company also plans to unveil a new dividend policy and strategy for future opportunities in these regions.

As Energean reaffirms its dedication to the Mediterranean and EMEA region, the company aims to continue expanding its portfolio, supporting energy security, and delivering sustainable growth in the coming years.