In search of a strategic partner for conducting research drilling in Block 2 in northwest Ionian, which – as he points out – shows remarkable prospects for exports gaslies the Energeanas announced today on the occasion of the publication of the results of the first quarter.
According to information to the London and Tel Aviv stock markets, Energean’s daily production in the first quarter reached 180,000 barrels of oil equivalent (Kboed), of which 84% in gas. At the same time, the development of the Katlan deposit in Israel is proceeding and the company plans to bind a capacity in the Nitsana pipeline in order to ensure the prospect of exports (gas etc) from Israel to Egypt. In addition, the company informed the signing of new non -binding MOU for carbon storage in Prinos.
Energean CEO, Mr. Mathios Rigas, said, among other things:
“We have secured revenue from contracts of about $ 20 billion only from our Israeli customers, creating fixed and predictable cash flows that provide a strong base that protects Energean from market volatility and supporting the regular quarterly dividend of $ 0.30 per share.
“In Israel, the FPSO Energean Power continues to operate reliably, recording 96% operation by the end of April, the second oil unit project proceeds to completion at the end of the second quarter of 2025, while the Katlan deposit development is within a timeframe of the first year. We also have additional opportunities to further expand the production duration in our portfolio in Tanin and Arcadia, which have not yet been developed.
“In Greece, we make good progress in Prinos’ transition to the first carbon storage project in the Eastern Mediterranean. In Egypt, we work with the Government to optimize the terms of our high seas licenses, while preparing for drilling to the East Bir El Nus (“EBEN”). In Italy, we are seeking approval by the government to develop low -risk VEGA West infrastructure, with the aim of increasing production, optimizing cash flows and expanding the life of the deposit.
“Finally, we are actively evaluating opportunities for mergers and acquisitions, as well as organic development options, with strict capital discipline, in the wider region of Europe, Middle East and Africa (EMEA) that will lead to a new development course, repeating our growth in an enlarged region.”
Source: RES-EIA