Energean Egypt’s working interest production from the Abu Qir area averaged at 31, 400 barrels of oil equivalent per day (31.4 kboed), of which 87% were gas, during 1H 2021 with full-year production guidance maintained at between 27 – 30 kboed.
This comes as Energean announced its results for the first six months of 2021, ending on June 30.
The company’s total actuals in the first six months of 2021 recorded 44 kboed, from Egypt, Italy, Greece and Croatia, as well as UK.
The shallow-water NEA/NI satellite tie-back project is progressing in line with expectations; one well is anticipated to produce its first gas in H2 2022, while the remaining three wells are expected in Q1 2023.
The project was sanctioned in January 2021 and an EPCI contract for the four subsea wells and the associated tie-back to the Abu Qir platform and associated infrastructure was awarded to TechnipFMC in 1Q 2021.
“In the second half of the year, we look forward to continuing to deliver our key gas development projects in Egypt and Italy, which alongside commencement of the revised Epsilon project in Greece, will provide further, substantial near-term growth and value realization in the Mediterranean region, ” Mathios Rigas, Chief Executive of Energean, commented.
At 30 June 2021, net receivables (after provision for bad and doubtful debts) in Egypt were $158.7 million (31 December 2020: $148.8 million), of which $94.0 million (31 December 2020: $78.7 million) was classified as overdue. Cash collection from EGPC during the period was $74.9 million.
Around the Abu Qir and NEA/NI assets, Energean is maturing several near-field and infrastructure-led opportunities, including the discovered NI-B field, as potential future drilling candidates.