Egypt's National Oil Company Sells Rights to Offshore Gas Fields

Skadden represented The Egyptian General Petroleum Corporation (Egypt's national oil company) and Morgan Stanley as financial advisor on the $1.4 billion sale of exploration, development and production rights in three Abu Qir gas fields located in the Mediterranean Sea to Edison International S.p.A., one of Italy's largest energy companies.

In one of the first transactions in which Egypt's national oil company has sold the rights of a concession to a private service contractor, Edison will act as the operator of the gas fields and will have the right to explore, develop and share in the production of the fields. The sale was carried out through a three-stage auction process over several months, in which 13 major international energy companies participated.