East Mediterranean-focused gas producer Energean Plc targets $2 billion in revenue and $1.4 billion in core earnings by 2023 boosted by the planned 2022 start of its Israeli Karish Field, it said on April 19.
Based on its current portfolio, it reported 2020 revenue of $336 million and $108 million EBITDAX.
It plans to drill around five wells offshore Israel next year, targeting 1 billion boe in resources.
It plans to spend around $470 million to $550 million this year, about $40 million less than initially planned because of coronavirus related delays in the Singapore shipyard building the production vessel for its Karish Field.
Occidental’s venture capital arm, Oxy Low Carbon Ventures, agreed to offtake and transport CO₂ from NextDecade’s planned Rio Grande LNG project and permanently sequester it in an underground geologic formation.
Production in midstream remains high, but having enough infrastructure to move that production to market continues to be a concern for investors.
Panelists during Solar Power Texas conference believe competition and knowledgeable consumers have opened the door for vast opportunities in solar and other renewable-related businesses.