Energean is planning more investments in Egypt and exploring more gas in the deeper horizons of the Abu Qir concession area in the West Nile Delta region, following the termination of its asset sale deal with Carlyle, according to Chief Executive Officer (CEO) of Energean, Mathios Rigas

In an interview on Bloomberg Al Sharq TV’s Cairo Weekend program, Rigas said that the first step is to “integrate the three concessions currently owned by the company.” He explained that this integration would boost productivity and reduce costs, “which would enable us to invest more money.”

“The second step is to search for more gas in the deeper layers of our concession in Abu Qir. We believe there is still significant untapped potential,” Rigas continued. “We can bring natural gas to the market without delay.”

Energean announced on March 21 that it had terminated the sale and purchase agreement (SPA) for its assets in Italy, Egypt, and Croatia with an entity controlled by Carlyle International Energy Partners, and confirmed that it will no longer proceed with the transaction.

“Today, we are announcing the termination of our transaction with Carlyle. This decision was made in the best interests of all our stakeholders, including our employees, investors, host governments, and partners. These groups rely on clarity of ownership and responsible stewardship to ensure the effective management of our vital oil and gas assets, and we remain fully committed to meeting these expectations,” said Rigas on March 21.

He explained during the interview that the deal was ultimately halted because Italy did not grant approval, as the private entity established by Carlyle to complete the transaction failed to meet the Italian government’s regulatory requirements.