In a new drilling program at the Israeli Sea is proceeding in 2026 Energeanas the company announced today to the stock markets of London and Tel Aviv.
The first two drilling “Athena” and “Zeus” are part of the growth of the Katlan gas deposit and will produce 26 billion cubic meters (BCM) of natural gas and, in total, 170 million barrels of equivalent oil (MMBOE). In February, Energean commissioned Saipem the contract for the execution of the two drilling, which provides for two more, while drilling in the discoveries of “Hera” and “Apollo” are determined for 2028.
Concerning the Katlan deposit, the planning for the production of the first quantities of natural gas was confirmed in the first half of 2027, while production from this deposit can also be used for exports to the markets of the wider area.
Energean CEO Matthew Rigas, among other things, said: “During 2024 we continued the course of growth, with the production of the Group increasing by 24%, reaching 153,000 barrels of equivalent oil per day (Kboed), of which 112 Kboed came from our main deposits, Karis and North Karis in Israel. Despite the geopolitical challenges in the area, the operation of the Energean Power FPSO production unit, which was available at 99%, continued. In addition, we made the final investment decision on the Katlan deposit, while the launch of the second oil production plant is ongoing and is scheduled to be completed in the second quarter of 2025, increasing the power generation capacity from Energean Power.
“In Greece, the only carbon storage investment in Prinos in the southeastern Mediterranean region has received approvals for funding about € 270 million from the Recovery and Rules Fund (RRF) and Connecting Europe Facility (CEF). Operational growth is in line with strong financial performance, with a group of $ 1,779 billion and customized EBITDAX (operating results) of $ 1,162 billion, up 25% on an annual basis. We are confident that our operational capabilities and our history in the execution of projects in the deep waters are unique in the independent sector of research and production (E&P). This capacity allows us to aim for multiple new opportunities in the wider EMA region (Europe, Middle East, Africa), maintaining Energean’s growth course. We will always remain disciplined in our approach, in full alignment with our shareholders. “