Energean UK forecasts higher production in 2025 on the strong Israel growth

Energean, a UK-based producer of gas, said it expected higher production levels in 2025. The company is betting on increased sales in Israel, its main market.

The company, which gets its main production from a gas field offshore Israel, wants to double production in the next few years. It will do this primarily by developing new prospects in Israel including the Katlan Field.

In 2024, the company produced 114,000 barrels equivalent per day (boepd) from its operations. Of this 112,000 boepd was sourced from Israel.

Energean anticipates that production will increase to between 120,000 and 130,000 boepd by 2025.

"Over the last year, we have agreed on more than $4 billion worth of new long-term sales agreements for gas in Israel. With the region's demand for gas continuing to grow due to increasing electricity demand and phasing-out coal, we are in a good position to add new agreements, including possible export contracts, to increase sales," Energean Chief Executive Officer Mathios Riga said.

In a trading update before its 2024 results, the firm said that the production of 2025 is geared towards the second half of the year. (Reporting by Arunima Kumar in Bengaluru; Editing by Sonia Cheema)

(source: Reuters)