New production growth for Energean was recorded in the first two months of the year. Specifically, from the 123 thousand barrels of oil equivalent (kboe) per day on average in 2023, in the two months of January – February, production reached 144 thousand barrels of oil equivalent per day, with 82% of this being in natural gas.< /p>
In addition, Energean's proven (2P) hydrocarbon reserves, after deducting 2023 production, stand at 1.115 billion barrels of oil equivalent (mmboe). 83% of these reserves are in natural gas, with the lion's share (926 mmboe, 89% in natural gas) located in Israel.
The specific data was announced on Thursday, March 21 by Energean's management in the context of its official notification to the London and Tel Aviv stock exchanges for the final results of 2023.
Ο χάρτης με τις χώρες όπου επιχειρεί η Energean
The main developments of 2023 and the outlook for the continuation
-Average daily production of 123 kboe (83% in natural gas), increased by 200 % on an annual basis and unaffected by ongoing geopolitical developments.
-Proved (2P) reserves of 1,115 mmboe with a life of approximately 19 years.
-Commencement of production from the Karish North field and FPSO “Energean Power” availability at 99% in Q4.
-New gas sales contract to Israel in February 2024 adding $2 billion in revenue for its entire duration.
-Total revenue of $1.420 billion for 2023, up 93% year-over-year, and adjusted earnings before interest, taxes, depreciation and amortization (EBITDAX) of $931 million, up 121% year-over-year. Net income was $185 million .dollars, negatively affected by $100 million. from additional taxes.
-Dividend of $0.30 for the fourth quarter of 2023 (total of $2.10 per share ex-dividend date), payable on March 29, 2024.
-42% year-on-year reduction in emission intensity, to 9.3 kg of CO2 per produced barrel of oil equivalent, and 86% overall from 2019, above the company's target.
– Maintain forecast for daily production between 155 and 175 kboe for this year.
-Commencement of production for the Cassiopea natural gas field in Italy in the summer.
-Completion of entry into Morocco and execution of confirmation drilling within the year.
Mathios Rigas, CEO Adviser of the Energean group, said:
“Another transformational year was 2023 for Energean as we achieved a 200% increase in production to 150 kboe per day and brought the NEA/NI fields in Egypt on schedule and on budget. Despite the difficult geopolitical environment, all our activities were unaffected by the conflicts in the region. From the beginning of 2024, the start of production at the Karish North field and the addition of new equipment (2o gas export riser) means that we are now able to use the full capacity of the “Energean Power” FPSO, while our estimate for this year production represents our next step toward our near-term goal of 200 kboe per day.
We also had a particularly strong year in our financials, with $1.420 billion in revenue and adjusted EBITDA. 931 million dollars. These strong results, combined with our strategy of concluding long-term contracts
natural gas sales, support our dividend policy and have enabled us to proceed with the distribution of total dividends of $370 million ($2.1 per share) to our shareholders beginning in the third quarter of 2022.
Now , we look beyond our short-term goals, to projects such as our entry into Morocco, as well as developments in Italy, where we see a new era for our industry, following the cancellation of restrictive decisions that unlock areas for research that were until now “frozen”. We also remain vigilant to identify opportunities that fit our strategy.
In relation to sustainable development, we contribute to Israel's transition from coal, to the energy security of the country and the wider region, as well as to meeting the growing needs for natural gas. We further reduced the intensity of our emissions and have now achieved an 86% reduction compared to 2019 which is our net zero commitment year. We are also AAA-rated by MSCI, while our CO2 storage project in Prinos will add another pillar, contributing to the decarbonisation of industries in South-East Europe, building on the commitments we made during COP28.
< p>Our continued success is due to the entire Energean team working together in the countries we operate in during a particularly difficult period in the Eastern Mediterranean. I am proud to lead such a diverse and dedicated team, and as we continue to grow, we remain committed to transparency, sustainability and operational excellence.”
