Energean’s Profit Rises as Israeli Gas Operations Recover

Energean Power FPSO (Credit: Energean)

Eastern Mediterranean-focused gas producer Energean posted a 45% jump in first-half profit on Wednesday, helped by a lower tax charge in Italy, and said production had recovered strongly following the restart of operations in Israel.

The company has been seeking to reduce its reliance on its flagship gas fields offshore Israel, where production has been repeatedly disrupted by regional conflict, by expanding in Egypt and pursuing new opportunities in West Africa.

Energean retained its full-year production guidance of 130,000 to 140,000 barrels of oil equivalent per day, and posted production of 124,000 boepd for the half-year down 10% year-on-year, citing the temporary suspension of production in Israel for 41 days between February 28 and April 9.

It reported profit after tax of $160 million for the half year ended June 30, compared with $110 million prior year.

(Reuters - Reporting by Ankita Bora in Bengaluru; Editing by Jochelle Mendonca)