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 (Wintershall).

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.

About Edison

Edison is the oldest energy company in Europe, with over 135 years of achievements, and is one of the sector's leading operators in Italy. The company is at the forefront of the energy transition challenge, through the development of low carbon generation, energy efficiency services and sustainable mobility, in line with the National Integrated Energy and Climate Plan (PNIEC) and the objectives defined by the European Green Deal. Edison sells electric power, natural gas and energy and environmental services to 1.6 million final clients. It is an integrated operator along the electricity value chain: from production to distribution and sale of the energy component. It has highly flexible and efficient electric power generation facilities, consisting of 200 power plants including hydroelectric, wind, solar and gas combined cycle thermoelectric plants. The Group’s net installed capacity is 7 GW and in 2020, it produced 18,1 TWh, accounting for 7% of domestic electricity generation. Today, it operates in Italy and Europe, employing over 4,000 people.

About Wintershall Dea

Wintershall Dea is Europe’s leading independent natural gas and oil company with more than 120 years of experience as an operator and project partner along the entire E&P value chain. The company with German roots and headquarters in Kassel and Hamburg explores for and produces gas and oil in 13 countries worldwide in an efficient and responsible manner. With activities in Europe, Russia, Latin America and the MENA region (Middle East & North Africa), Wintershall Dea has a global upstream portfolio and, with its participation in natural gas transport, is also active in the midstream business. More in our Annual Report.

As a European gas and oil company, we support the EU's 2050 carbon neutrality target. As our contribution we have set ourselves ambitious targets: We want to be net zero across our entire upstream operations – both operated and non-operated – by 2030. This includes Scope 1 (direct) and Scope 2 (indirect) greenhouse gas emissions on an equity share basis. In addition Wintershall Dea will bring methane emissions intensity below 0.1 per cent by 2025 and maintain zero routine flaring of associated gas in its operations. The climate goals are to be achieved through portfolio optimization, emissions reduction through more energy efficiency, investments in nature-based compensation solutions and in future technologies such as hydrogen and CCS. You can find more about this in our Sustainability Report.

Wintershall Dea was formed from the merger of Wintershall Holding GmbH and DEA Deutsche Erdoel AG, in 2019. Today, the company employs around 2,500 people worldwide from almost 60 nations.