The government of Israel has approved the first phase of the Katlan (Israel) Field Development Plan, Energean, the international hydrocarbon exploration and production company of Greek interest announced on Thursday in the framework of its Trading Statement and Operational Update at the stock exchanges of London and Tel Aviv.

The Katlan gas field, which can also be used for exports to neighboring markets if the Israeli government grants relevant permits, was discovered by Energean in 2022 and contains 31 billion cubic meters of natural gas confirmed reserves as well as 37 billion cubic meters of resources of natural gas with reduced risk, the press release says.

Energean said that the first phase of development will begin with the Athena and Zeus structures and continue with the Hera and Apollo structures. However, it is pointed out that the final investment decision is expected to be made when the negotiations related to the exploitation of the field have been completed. It added that the exploitation of
the Tanin field will also be expanded.

Regarding the operational highlights it said that average daily production was 123 thousand barrels of oil equivalent (kboed), of which 83% was in natural gas, noting that this is an increase of 200% on an annual basis. It added that production is now at the level of 150kboed per day, while last December the NEA/NI offshore field development project in Egypt was completed on schedule and on budget, and the group’s revenue amounted to 1.419 billion US dollars (+93% on annual basis), while earnings before taxes, interest and depreciation (EBITDAX) was 925 million US dollars (+119% annual basis).

Mathios Rigas, Chief Executive Officer of Energean, said that ‘2023 was the year we became the major independent gas producer in the Mediterranean. Despite the challenging regional geopolitical developments, we stabilised the production of the Energean Power FPSO, which operated at 99%1 uptime during Q4 2023, and we produced at a maximum rate of 150 kboed from our 1 billion+ boe
pan-Mediterranean portfolio, with full year production in line with our latest guidance”.

‘Energean has always focused on stable, long-term value creation and delivery for all our stakeholders,” he added.

Referring to 2024 he said that ‘2024 shows significant potential; we are well advanced with our core strategic projects across Israel, Egypt, Italy and Greece, and have extended our footprint with a new gas development in Morocco. As we continue to optimise our portfolio, we look forward to enhancing our position as the leading independent gas-focused exploration, development and production company in the region,’ he noted

Source: Cyprus News Agency

The government of Israel has approved the first phase of the Katlan (Israel) Field Development Plan, Energean, the international hydrocarbon exploration and production company of Greek interest announced on Thursday in the framework of its Trading Statement and Operational Update at the stock exchanges of London and Tel Aviv.

The Katlan gas field, which can also be used for exports to neighboring markets if the Israeli government grants relevant permits, was discovered by Energean in 2022 and contains 31 billion cubic meters of natural gas confirmed reserves as well as 37 billion cubic meters of resources of natural gas with reduced risk, the press release says.

Energean said that the first phase of development will begin with the Athena and Zeus structures and continue with the Hera and Apollo structures. However, it is pointed out that the final investment decision is expected to be made when the negotiations related to the exploitation of the field have been completed. It added that the exploitation of
the Tanin field will also be expanded.

Regarding the operational highlights it said that average daily production was 123 thousand barrels of oil equivalent (kboed), of which 83% was in natural gas, noting that this is an increase of 200% on an annual basis. It added that production is now at the level of 150kboed per day, while last December the NEA/NI offshore field development project in Egypt was completed on schedule and on budget, and the group’s revenue amounted to 1.419 billion US dollars (+93% on annual basis), while earnings before taxes, interest and depreciation (EBITDAX) was 925 million US dollars (+119% annual basis).

Mathios Rigas, Chief Executive Officer of Energean, said that ‘2023 was the year we became the major independent gas producer in the Mediterranean. Despite the challenging regional geopolitical developments, we stabilised the production of the Energean Power FPSO, which operated at 99%1 uptime during Q4 2023, and we produced at a maximum rate of 150 kboed from our 1 billion+ boe
pan-Mediterranean portfolio, with full year production in line with our latest guidance”.

‘Energean has always focused on stable, long-term value creation and delivery for all our stakeholders,” he added.

Referring to 2024 he said that ‘2024 shows significant potential; we are well advanced with our core strategic projects across Israel, Egypt, Italy and Greece, and have extended our footprint with a new gas development in Morocco. As we continue to optimise our portfolio, we look forward to enhancing our position as the leading independent gas-focused exploration, development and production company in the region,’ he noted

Source: Cyprus News Agency