Energean block raises £42m for Third Point

Aidan Gregory

December 08, 2020 12:00 pm

Energean_PA_575_375 — January 20, 2018 - Huntington Beach, California, U.S. - Offshore oil rig platforms off the coast of Huntington Beach in Orange county. The Trump administration recently proposed the largest expansion of offshore oil and gas drilling in U.S. history, releasing a plan to allow new drilling off the coasts of Northern, Central and Southern California.'Today we're embarking on a new path for energy dominance in America,' U.S. Interior Secretary Zinke said. The plan would allow oil and gas companies to lease 47 areas off America's coastlines from 2019 to 2024, totaling up to 90 percent of the offshore areas where oil drilling is potentially allowed. California is the nation's third-largest oil-producing state. Most of its oil is produced from inland wells, but there are 32 offshore platforms and artificial islands where oil is produced, all in Southern California. They date back to the 1950s, and no new ones have been constructed in more than 30 years because of opposition from political leaders, conservation groups and the tourism and fishing industries. California Gov. J. Brown, Oregon Gov. K. Brown and Washington Gov. J. Inslee vowed to fight the plan. (Credit Image: © Ruaridh Stewart via ZUMA Wire) | Ruaridh Stewart/Zuma Press/PA Images

New York-based hedge fund Third Point has offloaded a £42.3m chunk of its stake in Energean, the London-listed oil and gas producer focused on the Eastern Mediterranean.

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Aidan Gregory