Energean is moving ahead with a new drilling program in the Israeli sea in 2026, the company announced to the London and Tel Aviv Stock Exchanges.
The first two wells “Athena” and “Zeus” are part of the development of the Katlan natural gas field and will produce 26 billion cubic meters (bcm) of natural gas and, in total, 170 million barrels of oil equivalent (mmboe). Drilling in the “Hera” and “Apollo” structures is scheduled for 2028.
Regarding the Katlan field, the planning for the production of the first quantities of natural gas in the first half of 2027 was confirmed, while the production from this field can also be used for exports to markets in the wider region.
Second oil production unit
Mathios Rigas, CEO of the group, among others, stated: “During 2024, we continued our growth path, with the group’s production increasing by 24% to 153,000 barrels of oil equivalent per day (kboed), of which 112 kboed came from our main fields, Karish and North Karish, in Israel. Despite the geopolitical challenges in the region, the operation of the Energean Power FPSO, which was available at a rate of 99%. In addition, we received the Final Investment Decision for the Katlan field, while the start-up of the second oil production unit is underway and is scheduled to be completed in the second quarter of 2025, increasing the production capacity of liquids hydrocarbons by Energean Power.”
“In Greece, the only carbon storage investment in the Southeastern Mediterranean region in Prinos has received approvals for financing of approximately 270 million euros from the Recovery and Resilience Fund (RRF) and the Connecting Europe Facility (CEF).”
