Saturday, June 22, 2024

Carlyle Goes After Mediterranean Oil & Gas

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.