The Carlyle Group's latest energy deal has the private equity underwriter (PEU) acquiring Mediterranean oil and gas assets from Energean. The deal is expected to close later this year.
Carlyle has done a number of oil and gas deals over the years. It hired two former BP CEOs, Lord John Browne and Tony Hayward. Hayward will head up Carlyle's new Mediterranean venture, in addition to serving as Executive Chairman of Carlyle's Colombian onshore energy venture SierraCol.
Hayward headed a cost conscious BP during the Gulf of Mexico Oil Spew, while Lord John Browne slashed maintenance costs prior to the Texas City refinery explosion.
Carlyle employed Browne at Riverstone and Hayward at SierraCol. The public can rest easier knowing the two men "got their life back" after their respective horrific disasters.
Carlyle's Mediterranean energy venture will target offshore oil and gas fields. This is likely a 3D chess move for giant fields off Israel/Gaza/Lebanon and elsewhere in the Mediterranean.
Update 10-25-24: Reuters reported:
Energean has added a second oil production unit to a floating production vessel off Israel which is set to boost its crude output by up to two-thirds in the coming months.
....increase oil production to 20,000 to 25,000 barrels per day, from around 15,000 bpd today.
Production at Karish, which is close to Israel's maritime border with Lebanon, has been largely uninterrupted since the start of the Middle East conflict on Oct. 7. In July, the Israeli military said it had shot down a drone launched from Lebanon which it said was heading to the Energean FPSO
Update 12-8-24: Tony Hayward met with Egypt's oil minister Egypt is offering a range of investment incentives and Carlyle knows how to mine those.
