Energean, a key player in the energy sector trading on the Tel Aviv and London stock exchanges, has weathered recent challenges, as outlined in its quarterly report for the first three quarters of 2023. Despite a complex security situation in Israel, the company reports stable production from the Karish reservoir — averaging around 6 billion cubic meters per year over the last two months — and robust financial results, including revenues exceeding a billion dollars. Energean’s commitment to short-term goals and environmental sustainability positions it as a resilient force amidst global uncertainties.
Energean remains focused on its short-term objectives, aiming for a daily production of 200,000 barrels of oil equivalent from all assets, revenues totaling $2.5 billion, and an operating profit before tax of $1.75 billion. The company acknowledged potential delays in achieving these goals due to the postponement of installing an additional hydrocarbon liquids treatment facility on the Karish rig, contingent on improved security conditions. Additionally, a final investment decision for the Katlan reservoir is anticipated by the end of the year.
Matthews Riggs, CEO of Energean, expressed pride in the company’s workforce, applauding their determination, commitment, and professionalism in navigating the complexities of the operational environment. “These are essential elements for our success and the continued growth of the company,” the CEO said, noting that despite global challenges, Energean continues to distribute dividends to its stakeholders.
Riggs also shared positive developments in Energean’s commitment to environmental sustainability. The carbon storage project in Perinos, Greece, designed to mitigate emissions and support the global transition to cleaner energy sources, secured a grant of 150 million euros from the Greek government. Riggs emphasized that this funding will play a crucial role in preventing further environmental degradation, underscoring the company’s dedication to responsible and sustainable practices.
A good year for Energean all in all
In February of this year, Energean officially affirmed a groundbreaking development in Israeli oil and gas production history. For the inaugural time, hydrocarbon liquids are set to be exported to international markets. The initial shipment has been successfully conveyed from Energean’s Karish field platform and was sold under a multi-cargo marketing arrangement with Vitol.
“We are happy and proud that Energean has facilitated Israel joining the club of international oil exporters,” said Rigas. “This is another milestone for us, enhancing Energean’s growth as a significant player in the local and regional markets.”