Energean Aims to Double Size, Expand Production in Israel
Energean aims to double its size in the coming years, including the Katlan field in Israel, CEO Mathios Rigas said, adding that potential acquisitions will also be considered, focusing primarily on the Mediterranean.
Energean, headquartered in London, reported a 41.2% decline in first-half profit, which was attributed to $65.3 million of tax after higher taxable profit and movement in deferred tax. As a result, the company has revised its full-year production forecast to 120,000-130,000 barrels of oil equivalent per day (boe/d).
This adjustment comes after a slower than expected start-up of its Karish gas field off the coast of Israel, which currently accounts for approximately 75% of Energean’s total production.
In October 2022, the company began production at the Karish field and is on track to increase output to 200,000 boe/d by the end of 2024.
Energean, with operations in eight countries across the Mediterranean and the UK North Sea, had previously forecast annual production of 125,000 to 140,000 boe/d.
While Energean primarily focuses on gas production, it also produces 30,000 barrels per day (bbl/d) of oil from its floating processing plant in Israel and plans to explore opportunities to increase output.
“We’re planning to find out where the oil is coming from, drill wells, and potentially exploit that part of the hydrocarbon sector that we haven’t yet looked at. That could be very big,” Rigas said.
