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 “continue to consider its alternative strategic options, with the objective of maximising value for its unitholders”.
Smith noted the opposition from shareholders to the Tullow merger. “The 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.”
These investors put $18.7 billion into renewables in 2022 and only $6.7bn into hydrocarbons.
Capricorn noted that it had been working on “strategic alternatives” for more than a year. However, there have been no better options, it reported, and a sale is necessary to “maximise shareholder value and the full potential of Capricorn’s assets”.
Chevron (NYSE:CVX) has taken a final investment decision (FID) to expand the Tamar field, offshore Israel.
NewMed Energy has signed up with Morocco to explore an area in the disputed Western Sahara.
TotalEnergies and Eni have reached a deal with Israel allowing them to begin exploration in Lebanon’s Block 9.
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.
Energean has added another 13 billion cubic metres of gas offshore Israel at its Zeus exploration well, with one more well to drill.
Germany has signed a five-year contract for an FSRU, with US-listed Excelerate Energy.
Israel and Lebanon have reached a draft agreement, settling the maritime dispute that had threatened energy developments.
Israel has approved “certain testing procedures” for Energean, allowing the company to begin tests as its Karish gas field.
Energean’s Hermes exploration well has found 7-15 billion cubic metres of gas, encouraging the company on its other prospects and adding another well slot.
Europe has a history of energy policy failures that it is showing few signs of correcting, according to Israeli energy expert Gina Cohen.
Capricorn Energy (LON: CNE) has ditched a tie-up with Tullow Oil (LON: TLW), instead unveiling a merger with NewMed Energy (TLV: NWMD).
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 Israel’s neighbours and have made a bid to secure all capacity in a proposed pipeline to Egypt.
NewMed Energy has struck a memorandum of understanding (MoU) with Enlight Renewable Energy on developing projects in the Middle East and North Africa.
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.
Hezbollah head Hassan Nasrallah has issued a new threat to Israel’s activities offshore, including around Energean’s Karish development.
US President Joe Biden is due to visit the Middle East this week, with the oil market watching his trip to Saudi Arabia particularly closely.
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.
Israel has begun preparations for a fourth offshore bid round (OBR 4), even while still waiting for the closing results of its third round.
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.