Energean bounces back into profit


International hydrocarbon company Energean recorded an after-tax profit of $17.3m last year, a major improvement on the $96.2m loss in 2021.

Sales and other revenue rose 48.3% to $737.1m while capex soared 80.6% to $728.8m. The outlook for 2023 production guidance is confimed at 131-158 kboed, including 4.5-5.5 bcm of gas from Karish in Israel.

Earlier this month Energean reported first gas has been safely delivered at North El Amriya and North Idku (NEA/NI) in Egypt and the remaining three wells are expected to be brought online over the course of 2023, following which production in Egypt is expected to be more than 40 kboed. Cassiopea is expected to deliver first gas in 2024, whereafter production in Italy is expected to be approximately 20 kboed.

Mathios Rigas, Chief Executive of Energean, said 2022 was a year of transformation and positive delivery.

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