Energean: ‘Sees’ daily production of over 60 thousand barrels of oil equivalent in 2022

Energean estimates a significant increase in its production for 2022, as it is expected from the third quarter of the year to start the production of natural gas from Israel.

As stated on Tuesday morning in the official January report (Trading Statement & Operational Update) to the London and Tel Aviv stock exchanges, the group’s management, for this year the daily production is expected to be between 60 and 70 thousand barrels of oil equivalent, compared to 41 thousand in 2021, of which 72% came from natural gas.

Most of the production of the last year was given by Egypt with a daily production of just over 29 thousand barrels of oil equivalent. About 10 thousand barrels were given by Italy and a little less than 1,000 barrels to the deposits in the North Sea. It is noted that the production from the Balkan region (Prinos Kavala and Croatia) in 2021 amounted to 1,300 barrels of oil equivalent per day.

According to the same information, during 2021, The group’s revenue was in the order of $ 495 million and Earnings before interest, taxes, depreciation and amortization (EBITDA) stood at $ 202.9 million. The group also performed investments of $ 359.3 million.

Commenting on the most important developments of the past year, Mathios Rigas, CEO of the Energean group, said the following:

“2021 was a great year for Energean, as we achieved excellent results both operationally and financially. The most important of our ongoing projects, that of the development of the Karis field in Israel, is also underway by FPSO” Energean Power ”is expected to be ready to leave Singapore at the end of this quarter. This development will mark a year full of important news, such as the start of a new drilling program in Israel in mid-March, the start of Caris gas production during the third quarter and the start of gas production from the fields. NEW / NEW in Egypt in the fourth quarter. Combined with other field development programs in Israel, Italy and Greece, we are well on our way to achieving our medium-term goals of $ 200,000 a day, $ 2 billion in annual revenue and $ 1 billion in EBITDA. $ 4 billion.

In particular, in relation to the ESG (Environmental, Social and Governance – Environment, Society and Corporate Governance) sector, we remain committed to further reducing CO2 emissions and working to accelerate our goal of zero greenhouse gas emissions target by 2050. In this context, we assess the viability of a number of projects in carbon sequestration and storage and in the production of environmentally friendly hydrogen. ”