UK's Energean forecasts higher 2025 production on strong Israel growth
Jan 23 (Reuters) - Energean said on Thursday it expects higher production in 2025 as the UK-based gas producer bets on rising sales in its key market Israel.
The firm, whose main production comes from a gas facility offshore Israel, aims to double its production in the coming years, primarily through the development of new prospects in Israel, including the Katlan field.
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It produced 114,000 barrels of oil equivalent in 2024 from continuing operations, of which 112,000 boepd came from Israel.
In 2025, Energean expects production to increase to 120,000-130,000 boepd.
"Over the past year we have agreed more than $4 billion in new long-term gas sales agreements in Israel... with the region's gas demand continuing to grow from increasing electricity demand and the phasing out of coal, we are well positioned to add new long-term agreements, including potential export contracts, to further grow sales," Energean CEO Mathios Rigas said.
The firm, in a trading update ahead of its 2024 results on March 20, added that its 2025 production is weighted towards the second-half of the year.
(Reporting by Arunima Kumar in Bengaluru; Editing by Sonia Cheema)