Energean Lowers Annual Output Forecast for Second Time

Energean Power FPSO (Credit: Energean)

British gas producer Energean cut its annual production forecast for the second time in nearly four months on Thursday, hurt by the temporary suspension of production in Israel in June.

Production for 2025 is now expected at 145,000 to 155,000 barrels of oil equivalent per day (boepd). In May, it was cut to 155,000 to 165,000 boepd from 160,000-175,000 boed.

The conflict between Israel and Iran briefly rattled global energy markets and forced Energean to suspend its offshore operations at the Karish gas field off the coast of northern Israel for nearly two weeks.

Energean reported an 11% fall inadjusted EBITDAX (Earnings Before Interest, Taxes, Depreciation, Amortisation, and Exploration Expense) at $505 million for the six months ended June 30.

(Reuters - Reporting by Ankita Bora in Bengaluru; Editing by Harikrishnan Nair)