Energean saw a significant increase in production during the first two months of 2024. The company announced that production rose from an average of 123 thousand barrels of oil equivalent (kboe) per day in 2023 to 144 kboe per day in January and February, with 82% of this being natural gas.

Moreover, after accounting for 2023's production, Energean's proven (2P) hydrocarbon reserves stand at 1.115 billion barrels of oil equivalent (mmboe). 83% of these reserves are natural gas, with the majority (926 mmboe, 89% in natural gas) located in Israel.

These details were disclosed by Energean's management on Thursday in their official update to the London and Tel Aviv stock exchanges regarding the final results of 2023.

Mathios Rigas, CEO of Energean Group, stated that 2023 was a "transformational year" for Energean, achieving a 200% increase in production to 150 kboe per day and bringing the NEA/NI fields in Egypt into production on schedule and budget.

Despite the challenging geopolitical environment, he noted that all the company's operations remained unaffected by regional disputes. "Since the beginning of 2024, starting production at the Karish North field and adding new equipment (2nd gas export riser) means we can now fully utilize the FPSO 'Energean Power' capacity. Our production forecast for this year reflects our next step towards the short-term goal of 200 kboe per day," he said.

Rigas also mentioned that the company's strong financial results, combined with a strategy of securing long-term natural gas sales contracts, support its dividend policy, allowing for the distribution of total dividends of $370 million to shareholders since the third quarter of 2022.

He highlighted the company's focus on projects such as entering Morocco and developments in Italy, where, he said, "we see a new era for our industry, following the lifting of restrictive decisions that unlock previously 'frozen' areas for exploration," adding that they remain vigilant for opportunities that align with their strategy.

Regarding sustainable development, Rigas stated that Energean contributes to Israel's transition from coal, enhancing the country's energy security and the wider region's needs for natural gas. "We further reduced our emission intensity and have achieved an 86% reduction compared to our 2019 commitment year for the net-zero target. Also, we were rated AAA by MSCI, and our CO2 storage project in Prinos will add another pillar, contributing to the decarbonization of industries in Southeastern Europe, in line with our commitments made during COP28," he noted.

Finally, he emphasized that the company's ongoing success is due to the entire Energean team. "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."