Energean seals $2 billion natural gas sale deal to supply Israel’s Dalia power plants - THE TIMES OF ISRAEL

23/1/2025
Sharon Wrobel

British-Greek oil and gas company Energean said Thursday it inked an agreement to supply natural gas to Israeli private energy producer Dalia Power Energies in a deal worth $2 billion, as it expects higher production in 2025 bolstered by increased electricity demand in the country.

As part of the deal, Energean will supply natural gas of up to 12 billion cubic meters (bcm) for a period of 18 years from the Karish natural gas field located off Israel’s Mediterranean coast to Dalia Power’s Dalia and Eshkol power plants. Dalia Power Energies supplies about 16% of Israel’s electricity produced from natural gas, according to its website.

“Over the past year we have agreed more than $4 billion in new long-term gas sales agreements in Israel, including the new $2 billion binding terms with Dalia Energy… bringing the total contract value close to $20 billion,” said Energean CEO Mathios Rigas. “With the region’s gas demand continuing to grow from increasing electricity demand and the phasing out of coal, we are well positioned to add new long-term agreements, including potential export contracts, to further grow sales.”

Energean CEO: Israel is sole energy independent Mediterranean country - GLOBES

20 Dec, 2023 11:17
Netanel Ariel

At the Israel Business Conference, Mathios Rigas praised Israel's energy policy, and said there was no point in keeping gas in the ground.

"Energy independence is important regardless of whether there’s a war or not. Israel is the only Mediterranean country that is energy independent. The mistake that the Europeans made is that they handed the energy keys to President of Russia Vladimir Putin, and when war broke out, gas prices skyrocketed. But in Israel, they remained stable," Mathios Rigas, CEO of energy company Energean (LSE: ENOG), said yesterday at the Globes Israel Business Conference. Energean owns the rights in the Karish and Tanin gas reservoirs off Israel’s coast.

"The biggest challenge we face in Europe is that if there’s a cold winter and there’s any disruption to the gas supply, gas prices in Europe will soar again, and inflation will rise," Rigas warned. "The reason is that there has been no investment in gas production. That’s the great advantage that Israel has today," he added.

Israel officially recognizes Energean’s Katlan reservoir as natural gas discovery - THE TIMES OF ISRAEL

1 June 2023, 3:24 pm
Sharon Wrobel

Israel’s Energy Ministry officially classified an offshore natural gas reserve explored by British-Greek oil and gas company Energean as a discovery, paving the way for its development.

National infrastructure, Energy, and Water Minister Israel Katz on Wednesday granted Energean the recognition of the oil commissioner Chen Bar Yosef for the Katlan deposit, also known as Olympus, as a natural gas discovery. It marks the first natural gas discovery recognized by Israel since 2015, the Energy Ministry said.

It comes a year after news of the discovery was announced.

Katlan, which holds an estimated 68 billion cubic meters (bcm) of gas, (TEKMOR Note: 2.4tcf) is located between the Energean-owned Karish and Tanin natural gas fields off Israel’s Mediterranean coast.

First gas flows from project off Egypt - OFFSHORE ENERGY

March 10, 2023

Melisa Cavcic

Oil and gas company Energean has achieved the first gas from a well located offshore Egypt while the remaining wells are expected to come online later this year. This brings the firm closer to achieving its 200 kboed medium-term production target.

Back in January 2023, Energean outlined that its “key development projects” – Karish North, NEA/NI, Cassiopea – would enable it to deliver its 200 kboed mid-term production target. To this end, the company disclosed plans for the first gas from NEA/NI in the first half of 2023 while the firm’s expansion in Israel, including a development concept for the 67 bcm Olympus area, was expected to be communicated in 1H 2023. On the other hand, the first gas from Cassiopea in Italy was anticipated in 1H 2024.

In an update on Thursday, 9 March 2023, Energean confirmed that the first gas had been delivered at the North El Amriya and North Idku (NEA/NI) project off Egypt. According to the company, the gas is being produced from the NEA#6 well while the remaining three wells are expected to be brought online over the course of 2023.

Mathios Rigas, Chief Executive Officer of Energean, commented: “Our successful development of first gas at NEA/NI is a good example of our commitment to Egypt and longstanding partnership with the Egyptian Ministry of Petroleum, EGPC and EGAS, creating value for all stakeholders.

Energean exports first hydrocarbon liquids from Israeli gas fields - THE JERUSALEM POST

FEBRUARY 14, 2023 16:55

Zachy Hennessey

For the first time in the history of Israeli oil and gas production, hydrocarbon liquids will be exported to global markets, Energean confirmed on Tuesday. The first cargo has been transferred from the company's Karish field platform and sold as part of a multi-cargo marketing agreement with Vitol.

“We are happy and proud that Energean has facilitated Israel joining the club of international oil exporters," said Mathios Rigas, Energean's CEO "This is another milestone for us, enhancing Energean’s growth as a significant player in the local and regional markets.”

According to Energean, the hydrocarbon liquids are to be offloaded in a controlled manner via the Energean Power FPSO vessel and subsequently sold into various global markets, creating a significantly differentiated income stream that is fundamentally separate to the company's gas-derived revenues.

Oil and gas group Energean calls for east Mediterranean investment boom - FINANCIAL TIMES

14/11/2022
Tom Wilson in London

The chief executive of a London-listed oil and gas company recently threatened by Hizbollah has called for more investment in the energy potential of the eastern Mediterranean after a landmark maritime deal between Lebanon and Israel.

Mathios Rigas, whose Energean delivered the first gas from Israel’s Karish field last month, said the US-brokered agreement, following years of on-off negotiations between the sworn enemies, offered a “new model” for the resolution of border disputes in the contested region.

The deal does not constitute a peace agreement between the two countries, which still do not recognise each other’s governments, but allows for the exploitation of the area’s hydrocarbons while border negotiations continue.

Energean proposes $500MM carbon storage facility in northern Greece - WOLRD OIL

FEB/25/2021

Paul Tugwell

(Bloomberg) --Energean Plc submitted a proposal to the Greek government to build a carbon dioxide storage facility and a hydrogen plant in northern Greece close to its old Prinos oil field.

The project would be the first of its kind in the Mediterranean, Chief Executive Officer Matthaios Rigas said at a conference Wednesday, without providing further details. Capital expenditure for the project is close to $500 million and, if approved, the project will be funded by the European Union’s recovery and resilience facility, a person familiar with the plan said, asking not to be identified as the details are private.

Energean, listed in London, declined to provide further details.

Energean on track for first Israeli gas, FPSO sailaway 'in coming weeks' - PLATTS

19 Mar 2020 | 10:54 UTC London

Author: Stuart Elliott
Editor: Alisdair Bowles 

London — UK-based Energean Oil & Gas said Thursday it is on track for first gas from its Israeli offshore fields in the first half of 2021, announcing that the hull of the firm's dedicated production vessel would sail away from its Chinese shipyard "in the coming weeks."

There had been concern that work on the 8 Bcm/year capacity FPSO Energean Power could be delayed due to travel restrictions imposed in China after the start of the coronavirus outbreak.

"In the coming weeks, you will see our FPSO hull sail away from China to Singapore, a key milestone in the delivery of first gas from Karish, which is on track for H1 2021," CEO Mathios Rigas said following the release of the company's 2019 earnings.

Energean said final work on the vessel would take place in Singapore and the vessel sailed to Israel around year-end for installation.

Energean gets Total’s stake in the Ionian - KATHIMERINI

27.02.2020 : 22:11
Chryssa Liaggou

Greek oil enterprise Energean has secured its entry into Block 2 of the Ionian Sea by buying out the stake of French company Total, which had been seeking to disengage from the region for months.

Total had a 50 percent stake in the consortium to survey Block 2, while Hellenic Petroleum and Edison each hold 25 percent. Sources say Total first offered its two partners the stake but that they were not interested. Energean agreed to buy it because it appreciates the synergies this particular block presents with the other areas it has undertaken in Greece (Ioannina), as well as similar ones in Montenegro and the concessions of Edison in Italy.

Energean to supply natural gas worth over $1b. to Alon Tavor power plant - THE JERUSALEM POST

NOVEMBER 21, 2019 17:46 

EYTAN HALON

British-Greek oil and gas producer Energean will supply natural gas worth more than $1 billion to Israel’s Alon Tavor power plant over the next 15 years, the company said on Thursday.

Under an agreement signed with Chinese-Israeli company MRC Alon Tavor Power, the owners of the plant near Afula, Energean will supply approximately 0.5 billion cubic meters (bcm) of natural gas per year, or up to 8 bcm over the term of the contract.

“Energean is pleased to be the supplier of natural gas to the Alon Tavor power plant, which is of strategic importance for Israel’s energy and electricity market,” said Energean CEO Mathios Rigas. “The agreement signed today represents a first step toward a long-term collaboration – and joins a long list of natural gas supply agreements from the Karish reservoir to the Israeli market as soon as 2021.”

Supply will commence with the first gas extracted from the Karish gas reservoir offshore Israel, owned and operated by Energean.

Energean seeks to supply natural gas to Cyprus from Israel - REUTERS

NOVEMBER 19, 2019 / 1:15 PM

JERUSALEM (Reuters) - Energean Oil & Gas said on Tuesday its Energean International unit submitted an application to import and supply natural gas to Cyprus starting in 2021.

In its application to Cypriot authorities, it said it sought to supply gas through a pipeline from the Karish block offshore Israel to Vassiliko, Cyprus.

The pipeline would be 215 km (135 miles) long and transport natural gas from the Karish North field, which contains 25 billion cubic meters of discovered recoverable resources.

Total investment, Energean said, will be about $350 million and will be funded by Energean. Provided there are no delays in permitting procedures, the project will allow Cyprus to receive competitively priced natural gas from 2021, it added.

Greece's Energean reports successful Karish North Appraisal - FINANCIAL MIRROR

04 November, 2019

The oil and gas producer focused on the Mediterranean, said the appraisal “significantly enhances Energean’s discovered resource volumes across its Karish and Tanin leases”.

“Volumes are incremental to the 2.4 Tcf (68 BCM) and 33 million barrels of light oil / condensate discovered resources that Energean already has in its Karish and Tanin leases.”

The Karish North Discovery will be developed via a tie-back to the Energean Power FPSO, which is located 5.4km away and is being built with 8 BCMA of capacity.

Mathios Rigas, Chief Executive of Energean said: “This is an excellent result from the Karish North appraisal sidetrack, confirming in place volumes in the top half of pre-drill estimates and increasing our recoverable volumes in Israel by 0.9 Tcf (25 BCM) of gas plus 34 million barrels of light oil or condensate.”

Four Further Licences Awarded to Energean for Oil and Gas Exploration in Israel’s Exclusive Economic Zone (“EEZ”) - ENERGEAN OIL & GAS

Wednesday, July 31 2019

Energean Oil and Gas plc (LSE: ENOG, TASE: אנאג ( is pleased to announce that Israel’s Petroleum Council has awarded the Company four new licences for oil and gas exploration in the Israeli EEZ. Energean submitted its proposal in partnership with Israeli Opportunity (20%). The awarded Licences were granted for Block D, located 45 km off the Israeli coast – and include Licences 55,56,61,62 (“Zone D”), offered in the recent Bid Round published by the Israeli Ministry of Energy. Energean has identified a prospect within Zone D analogous to the prolific Tamar Sand fields (Karish, Tamar, Leviathan etc) offshore Israel. The prospect is believed to extend towards the SW of the license contingent to further seismic processing. A relatively shallow Mesozoic prospect was also identified (four way closure).

Mathios Rigas, CEO of Energean, stated: “Energean has proven its ability and commitment to explore and develop resources in a timely and cost efficient manner in the East Med. The addition of the 4 new licenses contained in Zone D adds further upside potential to our portfolio”.

Agreement signed with INGL for the transfer of near shore and onshore infrastructure - ENERGEAN OIL & GAS

London, 25 June 2019 - Energean Oil and Gas plc (LSE: ENOG, TASE: אנאג) is pleased to announce that it has signed a Detailed Agreement (“Agreement”) with Israel Natural Gas Lines (“INGL”) for the transfer of title (the “hand over”) of the near shore and onshore part of the infrastructure that will deliver gas from the Karish and Tanin FPSO into the Israeli national gas transmission grid. An MOU with INGL was signed in December 2018. 

As consideration, INGL will pay Energean 369 million Israeli New Shekels, approximately US$102 million, which will be paid in accordance with milestones detailed in the Agreement. 

Significant New Gas Discovery at Karish North - ENERGEAN OIL & GAS

London, 15 April 2019 - Energean Oil and Gas plc (LSE: ENOG, TASE: אנאג) the oil and gas producer focused on the Mediterranean, is pleased to announce that the Karish North exploration well has made a significant gas discovery.

Preliminary analysis indicates:

• Initial gas in place estimates of between 1 Tcf (28 Bcm) and 1.5 Tcf (42 Bcm).
• High quality reservoir in the B and C sands.

The well reached an intermediate TD of 4,880 meters approximately 7 days ahead of schedule. A gross hydrocarbon column of up to 249 meters was encountered and a 27 meter core was recovered to surface. Further evaluation will now be undertaken to further refine resource potential and determine the liquids content of the discovery.

Drilling of the initial phase of the Karish North well is now complete. As planned, Energean will now deepen the well to evaluate hydrocarbon potential at the D4 horizon.

Once operations are completed on Karish North, the Stena DrillMAX will return to drilling the three Karish Main development wells. Following this four well programme, Energean has six drilling options remaining on its contract with Stena Drilling. 

The Karish North discovery will be commercialised via a tie-back to the Energean Power FPSO, which is located 5.4km from the Karish North well. The FPSO is being built with total processing and export capacity of 8 Bcm/yr (775 mmcf/d), which will enable Karish North, and future discoveries, to be monetised. 

Energean Oil & Gas sets sights on production growth, looks forward to 2019 drill programmes - PROACTIVE INVESTORS

16 Jan 2019, 08:37 

Energean Oil & Gas PLC (LON:ENOG), in a statement ahead of its full year results, told investors it increased revenues by 56% during 2018;

The company noted that, in Greece, it produced 4,053 bopd and that falls within the expected range of 4,000 to 4,250 bopd. Guidance for 2019 pitches production expectations at 5,000 to 6,000 bopd in Greece.

Meanwhile, Energean continues to advance the Karish and Tanin projects in Israel for ‘first gas’ in the first quarter of 2021.

This year, the company aims to expand the assets with the drill-bit. It plans to target some 2.3 trillion cubic feet of potential gas resources through the 2019 drill programmes.

"2018 was a very successful year for Energean. We increased revenues by 56% while reducing cost of production by 29%, made significant progress on our development projects and converted significant volumes of resources into reserves,” said Mathios Rigas, Energean chief executive.

Energean signs additional Gas Sales and Purchase Agreement for Karish and Tanin - ENERGEAN OIL & GAS

London, 2 January 2019

The CEO of Energean Mathios Rigas: In Gas Transaction One Must Not be Greedy - CALCALIST

Mathios Rigas holding Tanin (crocodile) & Karish (shark)

December 24, 2018

When everyone kept their distance from the fickle Israeli energy market, Energean went against the stream and bought two small fields from Tshuva and Noble Energy’s duopoly. After two years, the CEO and owner Mathios Rigas is satisfied from the purchase, which according to him is better than expectations. In this first interview he reveals the secret: “when you are honest/direct and offer a low price, the market responds. One mustn’t be greedy in this market.”

Mathios Rigas' presentation at the 16th Israel Business and Energy Convention - ENERGEAN OIL & GAS

 

Greece’s Energean on track for Israeli field development in Q1 2021 - NEW EUROPE

OCTOBER 30, 2018,14:30

Greece’s independent oil and gas exploration and production company Energean Oil and Gas announced on October 29 the first day of dealings of the Group’s shares on its secondary listing on the Tel Aviv Stock Exchange (TASE).

Energean is the first London listed, international oil and gas operator to list its shares on the TASE, the company said.

According to the company, delivery of the Karish and Tanin gas development, offshore Israel, remains on track for first gas in the first quarter of 2021. The fields would provide energy security and supplying gas to the Israeli domestic market, Energean said, adding that first steel cut for Energean’s floating production storage and offloading (FPSO), the only FPSO in the East Mediterranean, is scheduled for November 26, 2018.