Energean's Profit Surge: Bolstered by Israeli Gas Production

Gas producer Energean reported a significant rise in first-half profit, driven by increased gas production and strong summer demand in Israel. The company, focused on offshore Israeli facilities, aims to expand into Europe, Middle East, and Africa, with plans to double production through new developments.

Energean, a leading gas producer, announced a marked increase in first-half profit on Wednesday, attributing the boost to higher production levels amid robust summer demand in Israel.

The company's main operations are centered around a gas facility offshore Israel, and it is now eyeing expansion into Europe, the Middle East, and Africa, targeting regions with supportive gas policies and efforts to replace coal. Energean's output rose to 146 thousand barrels of oil equivalent per day, up from 106 thousand barrels last year, with Israeli fields Karish and Karish North accounting for over 70% of the production.

Looking ahead, Energean aims to double its production capacity through new developments in Israel, including the Katlan field. For the first six months ending June 30, the company reported a profit after tax of $89 million, or 48 cents per share, up from $70 million, or 39 cents per share, in the same period last year.

(With inputs from agencies.)