London-based fossil fuel producer Energean aims to double size in the coming years

Energean, a Mediterranean-focused oil and gas producer, is aiming to double its size in the coming years, primarily through the expansion of its production in Israel, according to CEO Mathios Rigas. The company reported a 41.2% decline in first-half profit, largely due to a higher tax bill. As a result, it has trimmed its full-year production forecast to 120,000-130,000 barrels of oil equivalent per day (boed), down from the previous estimate of 125,000 to 140,000 boed.

The slower-than-expected start-up of the company’s Karish gas field off the coast of Israel contributed to the downward revision in production estimates. The Karish field accounts for about 75% of Energean’s total production.

Energean commenced production at the Karish field in October 2022 and is on track to increase output to 200,000 boed by the end of 2024, the company stated. Rigas expressed the company’s intention to double production primarily through the development of new prospects in Israel, including the Katlan field. Additionally, potential acquisitions will be considered, with a primary focus on the Mediterranean region.

Although Energean is predominantly involved in gas production, it also produces approximately 30,000 barrels per day of oil from its floating processing plant in Israel. Rigas mentioned plans to explore opportunities to increase oil output, with an intention to drill wells and potentially exploit untapped hydrocarbon resources.

The company attributed the 41.2% decline in first-half profit to a $65.3 million tax expense resulting from higher taxable profit and changes in deferred tax, with the profit after tax for the first six months of 2023 totaling $69.8 million compared to $118.7 million during the same period in the previous year.

Elevate your business with QU4TRO PRO!

Gain access to comprehensive analysis, in-depth reports and market trends.

Interested in learning more?

Sign up for Top Insights Today

Top Insights Today delivers the latest insights straight to your inbox.

You will get daily industry insights on

Oil & Gas, Rare Earths & Commodities, Mining & Metals, EVs & Battery Technology, ESG & Renewable Energy, AI & Semiconductors, Aerospace & Defense, Sanctions & Regulation, Business & Politics.

By clicking subscribe you agree to our privacy and cookie policy and terms and conditions of use.

Read more insights

US initiates survey on semiconductor supply chain and national security

The U.S. Department of Commerce is set to launch a survey of the semiconductor supply chain and national defense industrial base, with the aim of addressing national security concerns related to Chinese-sourced chips. The survey will focus on the use and sourcing of Chinese-manufactured…

China introduces measures to streamline new oil refineries

China has announced a minimum size requirement for new oil refineries as part of its effort to limit the country’s total crude oil processing capacity to 1 billion metric tons (20 million barrels per day) by 2025. This decision aims to streamline China’s refining industry…

Global economy being cornered by various factors

The global economic landscape is witnessing a confluence of concerning factors that could precipitate a financial market crisis in major developed economies. Rising debt levels, soaring interest rates, the mounting costs of climate change, healthcare, and pensions as populations age, and the…

Stay informed

error: Content is protected !!