Energean has achieved a 47% increase in Revenues during the first half of 2024 (H1 2024) amounting to $867 million up from $588 million in the same period last year, mainly driven by an increase in production.

During this period, the Group saw a 38% increase in production reaching 146 thousand barrels of oil equivalent per day (kboe/d) from 106 kboe/d in H1 2023, with Karish North fields in Israel contributing more than 70% of total output.

According to Reuters, the company reported a profit after tax of $89 million, or 48 cents per share, for the six months ended June 30, from $70 million, or 39 cents per share it posted last year.

Besides, Energean is committed to pay back $1 billion to shareholders by 2025. Notably, the Group expects to redefine its dividend policy upon Transaction closing of its assets sale.

“During this period, we also continued our track record of maximising value for our shareholders, announcing the divestment of our Egyptian, Italian and Croatian portfolio to Carlyle for more than 3×10 the value that we paid for them. Good progress is being made towards completion, upon which we expect to reduce gross debt and return money to shareholders in line with previous announcements,” said Mathios Rigas, CEO of Energean.

Energean, whose main production now comes from a gas facility offshore Israel, is looking to expand to the wider Europe, Middle East and Africa regions.

Looking ahead, the company continues with preliminary analysis of Anchois (Morocco) drilling operations, indicating volumes found in the Anchois-3.

Moreover, Prinos carbon storage project’s Front-End Engineering Design (FEED) activities are progressing in Greece, with storage permit for phase 1, amounting to 1 million tons of CO2 per year, to be received in the coming months.

The company also plans for phase 2 that targets to establish a facility with a capacity of up to 3 million tons of CO2 per year.