At 138,000 barrels of oil equivalent daily (Kboed, 84% in natural gas) Group production was formed Energean In the first half of the year, while in August it increased to 178,000 that sets a record on a monthly basis.
As Energean points out, on the occasion of the announcement of the six -month results, it covers about 50% of Israel’s needs on natural gas on an annual basis, while the group’s total production exceeds Greece’s annual consumption.
Net profit increased to $ 110 million, compared to $ 89 million last year, with revenue to $ 804 million, compared to $ 867 million last year.
The Group’s CEO, Mathios Rigas, said: “Our activity remained durable, despite external geopolitical and purchasing pressures, based on prudent capital management, clear focus on the creation of long -term value. It is noteworthy that in August, the Group’s production reached 178,000 barrels of equivalent oil per day, demonstrating the strong summer demand for our natural gas in Israel and the excellent performance of the FPSO Energean Power. “
“Despite the temporary suspension of functions in Israel for two weeks during the summer peak months, as requested by the ministry due to geopolitical agents, our net profits have increased and we are pleased to announce that we are announcing the payment of the regular quarterly dividend today,” he continued.
Also, Mr. Rigas stressed: “So far this year:
- We have secured more than $ 4 billion in new, long -term gas conventions, raising the total value of the notarized quantities to about $ 20 billion for the next 20 years.
- We have ensured that the Katlan project continues to go on time and within a budget.
- We received the first installment of funding for the carbon storage project in Prinos.
- We approved the growth of the IRENA natural gas deposit off Croatia.
- We have made progress in the merger of concessions to Egypt for maximization of value. “
“Looking forward, our strategic priorities are clear:
In Israel, we focus on the reliable production and sales on the domestic market, which is the basis of our cash flows, and then on the completion of export opportunities to boost sales, where we see strong long -term demand for our airy in the area.
We are fast -paced to develop both organic and inorganic choices to continue our development.
For the other two keys that lead our business course, namely quarterly dividends and lending deletion, we look at all strategic choices in the existing portfolio to maximize value for our shareholders.
We are excited about the opportunities in front of us and remain committed to creating a long -term value in all areas of our activity, “concluded Energean’s chief executive.