Edison completes stake sale in Algerian Reggane Nord gas field

Italian energy company Edison has closed the deal to sell its 11.25% stake in the Reggane Nord gas field in Algeria to Spain's Repsol (6.75%) and Germany's Wintershall Dea (4.50%) for $100mn, it said on October 13. The deal was completed following approval by the Algerian authorities.

The deal follows an exclusive contract signed in May 2022 between Edison and Wintershall Dea that was modified following the exercise of the right to pre-emption by the Spanish company.

The Reggane Nord field produces gas entirely sold to Algerian state energy company Sonatrach on a long-term basis. Situated in Algeria's remote southwest, Reganne Nord comprises a cluster of six gas fields, the first of which came on stream in late 2017. Algeria's state-owned Sonatrach has a 40% interest.

Edison said the sale is part of its strategic commitment to focus its investments towards energy transition and security of supply of the Italian energy markets. The company plans to invest over 10bn euros in capex between 2023 and 2030.