Energean CEO urges Israel issue new oil and Gas Exploration Licences

Energean, a gas company based in Israel, urged Israel on Thursday to issue new oil and gas exploration licenses offshore to meet the growing demand for gas in the region.

Mathios rigas also called upon governments to develop new routes of export from Israel to Egypt and Cyprus.

"We need to talk to the government (Israeli) about new licenses and exploration because we have to find more natural gas." Rigas stated that we need to develop additional gas.

Energean reported on Thursday that it produced 153,000 barrels equivalent to oil per day during the first 10 month of this year. This included 112,000 boed from Israel where it has an offshore production vessel operating at the Karish and Tanin field.

The London-listed firm is also developing Israel's Katlan field, where it expects gas production to begin in the first half 2027.

Israel awarded its last offshore licences four weeks after Hamas's war in Gaza in October 2023. Since then, exploration has slowed. Rigas stated that a ceasefire agreement between Israel and Hezbollah, the Lebanese group armed with weapons, has reduced some risk and uncertainty for Energean. Their production vessel is located not far from the border maritime between the two countries.

Since the late 2000s, the discovery of huge gas reserves off Israel and Egypt has transformed the eastern Mediterranean region into a major gas hub.

Rigas stated that Israel has several pipelines connecting it to Egypt and Jordan, but needs more routes to export gas to Cyprus, and even more to Egypt. (Reporting and editing by Kevin Liffey; Ron Bousso)

(source: Reuters)