Energean

Trading statement covered by Upstream today: "Energean reports 31% surge in output Output reached 135,000 boepd during the third quarter" https://lnkd.in/euBwRSfN

Good to see some positive coverage from The Wall Street Journal / Dow Jones: "Energean Books Earnings, Sales Jump on Strong Production" click below for full article https://lnkd.in/e3-fEtS7

In today’s Trading Statement & Operational Highlights, CEO Mathios Rigas highlighted Energean’s strong continued progress, with 61% year-on-year increase in adjusted EBIDTAX from our continuing operations, with continuing operations production growing 40% across the same period   Operationally, there have been multiple positive moves; the second oil train (Israel) lift was safely and successfully performed in October; the Katlan development is progressing on schedule, with first gas expected in H1 2027 and the Prinos carbon storage project (Greece) Front-End Engineering Design activities progressing successfully.   Financially there is considerable progress. Revenues for the period were $1,363 million, a 35% increase; adjusted EBITDAX for the period was $894 million, a 44% increase. AQ3 2024 dividend of 30 US$ cents/share declared today, scheduled to be paid on 30 December 2024 .   The strategic sale of the Egypt, Italy and Croatia portfolio to an entity controlled by Carlyle is targeted to complete by or just after year-end 2024, subject to customary regulatory and antitrust approvals. We expect to redeem, in whole or in part, the $450 million PLC Corporate Bond and/or to fund growth opportunities in accordance with the terms of its financing documents. We also continue to expect to have sufficient funds to facilitate a special dividend of up to $200 million. Paddy Blewer, Sotiris Chiotakis, Eliana Fishler, Kyrah Mckenzie, Maria Martin

We're excited to share that The Petroleum Economist recently featured an in-depth article highlighting our approach to the #energytransition. As an independent, gas-focused E&P company, we’re proud of the strides we've made in reducing emissions, developing key gas assets, and positioning ourselves as a leader in the Mediterranean. Our CEO, Mathios Rigas, shared, “we bring commitment, fast decision-making, and the ability to operate in challenging environments." This was evident in the successful execution of our Karish project, where we’ve maintained 99.5% uptime despite regional challenges. He continued, "Karish was not a project that was interesting enough for the majors... For us, it’s a sweet spot - not too big, not too small." In addition to our strong focus on #gas development, we are advancing our carbon storage solutions, like the Prinos project in Greece, which will help reduce CO2 emissions across the Mediterranean. With EU funding support and demand from industrial emitters, we're excited about the future of this initiative. We’re also proud to reward our shareholders, recently announcing a special dividend as part of our goal to return $1B by 2025. Energean is committed to creating value and delivering returns. Read the full article and discover how we are shaping the future of energy: https://lnkd.in/eDG74AuK Paddy Blewer Sotiris Chiotakis Eliana Fishler Nikolas R. Katerina Sardi

Javier Blas of Bloomberg’s recently concluded a thought-provoking analysis of Europe's #gas & #energy markets with a multi-billion-dollar question that many EU policymakers might prefer not to hear: "If Europe remains so short of gas that it would need a deal with Trump for more American #LNG, why isn’t Brussels pushing for incentives to boost domestic gas production, including lower taxes?" We have always advocated for the #energysecurity and #sustainabledevlopment value of domestic or regionally focused gas production. Repeated dunkelflauten and geopolitical volatility should be making European policy makers consider Javier's question a little more seriously and look to Israeli energy policy success. Read our more considered "Energean View" here: https://lnkd.in/gfrFGN9t Paddy Blewer Sotiris Chiotakis Eliana Fishler

We took an in-depth look at Saudi Arabia's energy transition pathway on the 𝑷𝒆𝒕𝒓𝒐𝒍𝒆𝒖𝒎 𝑬𝒄𝒐𝒏𝒐𝒎𝒊𝒔𝒕 website this week, with a three-part special from Nawaf Bin Awshan. Elsewhere, Dania Saadi interviewed Petronet LNG Limited CEO Akshay Kumar Singh about India's gas ambitions and spoke to Ugandan energy minister Ruth Nankabirwa( Ssentamu) about the country's Lake Albert project. We also published an interview, carried out at the recent ADIPEC Exhibition and Conference, with Energean CEO Mathios Rigas about the gas-focused independent's strategy for the transition. 🛢️For more on all these stories, see the PE website! #energy #oilandgas #upstream https://lnkd.in/eVTpPqz

Javier Blas of Bloomberg’s recently concluded a thought-provoking analysis of Europe's #gas & #energy markets with a multi-billion-dollar question that many EU policymakers might prefer not to hear: "If Europe remains so short of gas that it would need a deal with Trump for more American #LNG, why isn’t Brussels pushing for incentives to boost domestic gas production, including lower taxes?" We have always advocated for the #energysecurity and #sustainabledevlopment value of domestic or regionally focused gas production. Repeated dunkelflauten and geopolitical volatility should be making European policy makers consider Javier's question a little more seriously and look to Israeli energy policy success. Read our more considered "Energean View" here: https://lnkd.in/gfrFGN9t Paddy Blewer Sotiris Chiotakis Eliana Fishler

We're excited to share that The Petroleum Economist recently featured an in-depth article highlighting our approach to the #energytransition. As an independent, gas-focused E&P company, we’re proud of the strides we've made in reducing emissions, developing key gas assets, and positioning ourselves as a leader in the Mediterranean. Our CEO, Mathios Rigas, shared, “we bring commitment, fast decision-making, and the ability to operate in challenging environments." This was evident in the successful execution of our Karish project, where we’ve maintained 99.5% uptime despite regional challenges. He continued, "Karish was not a project that was interesting enough for the majors... For us, it’s a sweet spot - not too big, not too small." In addition to our strong focus on #gas development, we are advancing our carbon storage solutions, like the Prinos project in Greece, which will help reduce CO2 emissions across the Mediterranean. With EU funding support and demand from industrial emitters, we're excited about the future of this initiative. We’re also proud to reward our shareholders, recently announcing a special dividend as part of our goal to return $1B by 2025. Energean is committed to creating value and delivering returns. Read the full article and discover how we are shaping the future of energy: https://lnkd.in/eDG74AuK Paddy Blewer Sotiris Chiotakis Eliana Fishler Nikolas R. Katerina Sardi

Eng. Karim Badawi , Minister of Petroleum and Mineral Resources, met with Mathios Rigas , CEO at Energean and Nicolas KATCHAROV CEO at International Energean to discuss cooperation in energy and sustainable development.The meeting reviewed developments of the global investment firm, Carlyle , acquiring assets of Energean in Egypt and Europe, and the Greek company's aspirations to continue its partnership with Egypt, as well as the new investment and partnership opportunities, especially in CCS applications, that in this regard, a joint cooperation agreement between both companies is under process during the first quarter next year. #Egypt #Mopmr #Energean

At a meeting with Engineer Karim Badawi, Egyptian Minister of Petroleum and Mineral Resources, CEO Mathios Rigas was delighted to thank the Minister and Egypt for providing such an excellent operating envrinonment. The sale of Energean’s Egyptian assets to The Carlyle Group is moving ahead as planned, however the meeting focused more on the future; considering new opportunities in the fields of #energy and #sustainabledevelopment. This is particularly relevant in the context of joint efforts between the Egyptian and Greek Ministries of Petroleum and Energy to achieve sustainable development in the Eastern Mediterranean region. Energean is currently developing Prinos CO2, which is one of the very few advanced #carbonstorage developments in the region. This is particularly relevant given the co-operation between Egypt & Greece regarding sustainable development and #CCUS. Whilst Energean is selling its Egyptian assets to Carlyle, this does not mean we would not consider Egyptian #gas, #energy or sustainable development projects We thank the Minister and his team for being a gracious host. The meeting was also attended by Nicolas KATCHAROV, Energean International CEO as well as Engineer Yasser Mohamed, Executive Managing Director of the Egyptian Natural Gas Holding Company (EGAS); Geologist Alaa El-Battal, First Undersecretary of the Ministry and Supervisor of Energy Efficiency and Climate; Engineer Moataz Atef, Undersecretary of the Ministry for Technical Office and Minister’s Office Affairs; and the Ministry’s Spokesperson. Paddy Blewer Caroline Hegazi, MBA Katerina Sardi Nikolas R. Sotiris Chiotakis