Mathews Rigas CEO of Energian (PR photo)
Energian, which owns the rights to the Shark and Crocodile reservoirs, ended 2022 with revenues of $737.1 million and pre-tax profit of $421.6 million, an increase of 48% and 99%, respectively, compared to 2021. In addition, it updates on a 20% increase in the volume of its gas reserves following the new gas discoveries in the past year.
Matthews Riggs, CEO of Energian: “The year 2022 was a turning point for Energian – a year in which a long-standing vision became a reality. We started natural gas production using the only floating rig in the Mediterranean basin, distributed dividends to our shareholders and laid the foundations for the company’s growth when we discovered new natural gas reserves near our rig.
More in-
“In addition, we successfully carried out an extensive drilling campaign, with 5 wells, which increased our gas reserves by 20%. We are proud to meet the plan according to which we will supply 4.5-5.5 BCM of natural gas to the Israeli market this year, in a way that will significantly contribute to Israel’s energy stability and reduce emissions carbon by replacing coal-based power generation.
“The first quarter of 2023 continued the positive trend. Gas production from the Harish reservoir is progressing according to plans, and in February we exported the world’s first shipment of hydrocarbon liquids from Israel to the international markets. In addition, in Egypt we produced the first gas from the NEA/NI reservoir, in Italy Energian is a producer Natural gas is the third largest, and in Greece we continue our efforts to explore the untapped gas sources in the country.
“Later this year, we will present the development concept for the natural gas discovered in the Olympus area, in Israel’s economic waters, and increase the production capacity of the rig up to 8 BCM per year. The structure of our contracts allows us to enjoy a predictable and stable cash flow, despite the instability and challenges in the global financial markets.
“We are committed to investing in projects that will create value for our shareholders. The global energy crisis is not over. The global gas market is dangerously stressed and although it benefited from the relatively mild European winter, thousands of jobs are at risk due to the price of gas and its availability. We hope that the governments will understand the importance of increased gas production at a level local and regional, which can only happen with the help of making long-term investments.”
Banergian further updates that they have begun to inform customers of the end of the running-in period and the entry into force of the long-term contracts. This process is expected to be completed at the end of this month. By the end of the year, the company expects to complete the development of additional infrastructures and even begin producing gas from the Harish North well, which will bring the production capacity of the Harish rig to the maximum volume of 8 BCM per year.
Comments to the article(0):
Your response has been received and will be published subject to the system policy.
Thanks.
for a new comment
Your response was not sent due to a communication problem, please try again.
Return to comment