Energean Revises Production Targets Amid Israeli Weather Impact

Energean has revised its production forecast for 2024 due to reduced sales in Israel, influenced by weather and market conditions. Despite these challenges, operations continue efficiently, ensuring energy security. Analysts remain optimistic about production growth from the Karish field in the upcoming year.

Gas producer Energean announced a downward revision of its full-year 2024 production forecast on Thursday, citing reduced sales in Israel due to adverse weather conditions. The new forecast ranges between 150,000 and 155,000 barrels of oil equivalent per day (boepd), down from an earlier estimate of 155,000-165,000 boepd.

The company's third-quarter production exceeded expectations, averaging 135,000 boepd, surpassing Peel Hunt Research's estimate of 120,000 boepd. Energean attributed the adjustment in forecast to lower sales in Israel during November and projections of stagnant sales in December.

Despite these sales challenges, Energean stated that core production operations in Israel remain stable, unaffected by ongoing geopolitical tensions in the region. CEO Mathios Rigas assured that the company continues to provide energy security through optimized production from its FPSO facility, achieving a 99% uptime rate.

(With inputs from agencies.)