Total production for 2022 reached 41,000 barrels of oil equivalent per day, of which 75% was gas. For 2023, Energean forecasts this will increase to 131,000-158,000 boepd. Virtually all of the increase will come from Israel.
However, the company said in closing, it would โcontinue to consider its alternative strategic options, with the objective of maximising value for its unitholdersโ.
Smith noted the opposition from shareholders to the Tullow merger. โThe message from shareholders was that there was a preference for cash returns over long-term delivery. We listened to that and [the NewMed deal] offers a lot of cashback, while also being energy transition led.โ
Capricorn noted that it had been working on โstrategic alternativesโ for more than a year. However, there have been no better options, it reported, and a sale is necessary to โmaximise shareholder value and the full potential of Capricornโs assetsโ.
NewMed Energy has signed a non-binding memorandum of understanding (MoU) to supply natural gas, and develop blue hydrogen, for delivery into Europe with Uniper.
Energeanโs Hermes exploration well has found 7-15 billion cubic metres of gas, encouraging the company on its other prospects and adding another well slot.
Chevron and partners have signed up to develop the Aphrodite field, offshore Cyprus, with drilling due to start in the first half of 2023, while political talks are continuing.
Chevron and partners are keen to increase gas exports to Israelโs neighbours and have made a bid to secure all capacity in a proposed pipeline to Egypt.
For the first time in decades, we are witnessing an energy crisis the likes of which many of us will have never seen before. Startling levels of volatility across global energy markets are leading governments to implement measures that this time last year would have been unimaginable.
Israeli forces have shot down three Hezbollah drones that appeared to be heading for the recently arrived FPSO on the Karish field, in the Mediterranean Sea.
The Israeli government has stepped in to warn off Hezbollah and Lebanon from interfering with the recently arrived Energean Power FPSO, on the Karish field.