Gas producer Energean is seeking a strategic partner to conduct exploratory drilling in Block 2 in the Northwest Ionian Sea, which presents significant prospects, as the company noted.
Energean’s daily production reached 180 thousand barrels of oil equivalent (kboed) in the first quarter, of which 84% in natural gas.
At the same time, the development of the Katlan field in Israel is progressing and the company plans to commit capacity on the Nitsana pipeline, in order to secure the prospect of exports from Israel to Egypt. In addition, the company announced the signing of new non-binding MoUs for the storage of coal in Prinos.
Rigas: We are actively evaluating mergers and acquisitions opportunities
Energean CEO, Mathios Rigas, stated among other things: “We have secured contract revenues of approximately 20 billion dollars from our Israeli customers alone, creating stable and predictable cash flows that provide a strong foundation that protects Energean from market volatility and supports the regular quarterly dividend of 0.30 dollars per share.”
Rigas added that “in Israel, the Energean Power FPSO continues to operate reliably, recording 96% uptime by the end of April, the second oil unit project is progressing towards completion by the end of the second quarter of 2025, while the development of the Katlan field is on schedule and on budget for first gas production in the first half of 2027. We also have additional opportunities to further extend the production life of our portfolio in the Tanin and Arcadia areas, which are not yet developed.”
“In Greece, we are making good progress in the transition of Prinos to the first coal storage project in the Eastern Mediterranean. In Egypt, we are working with the government to optimize the terms of our offshore permits, while we are preparing for drilling in the East Bir El Nus (“EBEN”) onshore concession. In Italy, we are seeking government approval for the development of the low-risk Vega West infrastructure, with the aim of increasing production, optimizing cash flow and extending the life of the field,” he said.
“Finally, we are actively evaluating merger and acquisition opportunities, as well as organic growth options, with strict capital discipline, in the wider Europe, Middle East and Africa (EMEA) region that will lead to a new growth path, repeating in an expanded region our success in development and production in the Eastern Mediterranean,” the Energean CEO added.
Source: ANA-MPA
