Already a key player off Israel, the deal would give the Athens-based firm key production and exploration in the Egyptian Mediterranean.

London-listed, Israel-focused Greek independent Energean announced this week that it has agreed to pay an initial $750mn, with $100mn in possible add-ons, for the E&P assets of Italian utility Edison, a subsidiary of France’s EdF. The Greek firm managed to beat off interest from the UK’s Cairn Energy, which was also a front-runner for the...