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.
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