Energean is set to produce first gas from its flagship Israeli fields in the second half of 2021 after coronavirus-related delays, the Eastern Mediterranean gas field developer said Sept. 10.
Energean is building an 8 billion cubic meter (Bcm) per year floating production vessel offshore Israel and has already sold 5.6 Bcm a year into the nation’s market.
It had initially guided for first gas in the first half of 2021 but had flagged this depended on the coronavirus’ impact on construction.
Energean upgraded its reserves and resource estimates in April to 698 million barrels of oil equivalent of which 88% are gas.
Energean expects to fine tune these estimates in the coming weeks, the company said as it reported a first-half loss after tax of $77.3 million versus a loss of $4.5 million a year earlier.
Recommended Reading
CEO: Coterra ‘Deeply Curious’ on M&A Amid E&P Consolidation Wave
2024-02-26 - Coterra Energy has yet to get in on the large-scale M&A wave sweeping across the Lower 48—but CEO Tom Jorden said Coterra is keeping an eye on acquisition opportunities.
Endeavor Integration Brings Capital Efficiency, Durability to Diamondback
2024-02-22 - The combined Diamondback-Endeavor deal is expected to realize $3 billion in synergies and have 12 years of sub-$40/bbl breakeven inventory.
Exxon, Chevron Tapping Permian for Output Growth in ‘24
2024-02-02 - Exxon Mobil and Chevron plan to tap West Texas and New Mexico for oil and gas production growth in 2024, the U.S. majors reported in their latest earnings.
Patterson-UTI Braces for Activity ‘Pause’ After E&P Consolidations
2024-02-19 - Patterson-UTI saw net income rebound from 2022 and CEO Andy Hendricks says the company is well positioned following a wave of E&P consolidations that may slow activity.
CEO: Magnolia Hunting Giddings Bolt-ons that ‘Pack a Punch’ in ‘24
2024-02-16 - Magnolia Oil & Gas plans to boost production volumes in the single digits this year, with the majority of the growth coming from the Giddings Field.