{"id":581542,"date":"2023-02-15T00:00:00","date_gmt":"2023-02-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/15\/conference-report-energean-to-invest-usd-350-mn-here-this-year-egas-expects-egypt-to-up-production-in-next-two-years\/"},"modified":"2023-02-15T00:00:00","modified_gmt":"2023-02-15T00:00:00","slug":"conference-report-energean-to-invest-usd-350-mn-here-this-year-egas-expects-egypt-to-up-production-in-next-two-years","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/15\/conference-report-energean-to-invest-usd-350-mn-here-this-year-egas-expects-egypt-to-up-production-in-next-two-years\/","title":{"rendered":"Conference report: Energean to invest USD 350 mn here this year, EGAS expects Egypt to up production in next two years"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">The penultimate day of the Egypt Petroleum Show (EGYPS)<\/span><span style=\"font-weight:400;\"> brought news on fresh investment from Energean and the country\u2019s efforts to up gas production and exports to Europe. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Big local investment plans for Energean:<\/span><span style=\"\"> London-headquartered exploration and <\/span><span style=\"\">production outfit Energean plans to invest USD 350 mn in its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.energean.com\/operations\/egypt\/abu-qir\/\" style=\"\">Abu Qir concession<\/a><\/span><span style=\"\"> <\/span><span style=\"\">this year, Nicolas Katcharov, Energean International CEO and chairman and Egypt country manager, reportedly told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3YLAEaY\" style=\"\">Asharq Business<\/a><\/span><span style=\"font-weight:400;\"> on the sidelines of EGYPS. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">IN CONTEXT-  That\u2019s a lot of money. <\/span><span style=\"font-weight:400;\">The planned investments are equal to about 17.5% of the USD 2 bn Energean has invested in Egypt to date, per Katcharov. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">About Abu Qir: <\/span><span style=\"\">Energean holds a 100% stake in the concession, which it <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2021\/12\/15\/step-on-the-gas-60733\/\" style=\"\">acquired from Edison<\/a><\/span><span style=\"font-weight:400;\"> in 2019 as part of a wider purchase of the Italian company\u2019s total energy portfolio. Abu Qir is the oldest gas production area in the Mediterranean Sea and contains some 88 mn barrels of oil equivalent. Production is expected to continue until 2033. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Energean is putting its money where its mouth is: <\/span><span style=\"\">The company has been banging the drum for more gas investment in the Eastern Mediterranean <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/10\/27\/more-oil-gas-cooperation-with-russia-85249\/\" style=\"\">after it began<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/10\/27\/more-oil-gas-cooperation-with-russia-85249\/\" style=\"\">drilling<\/a><\/span><span> Israel\u2019s Karish gas field following an agreement over disputed maritime territory between Israel and Lebanon<\/span><span style=\"\">. The region could be a \u201cstable supplier\u201d of gas to the EU, CEO Mathios Rigas <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/11\/15\/energean-sees-case-for-more-eastmed-gas-investment-87429\/\" style=\"\">said in November<\/a><\/span><span style=\"\">. \u201cI think there is a lot more gas to be found.\u201d<\/span><span style=\"\"> The first oil shipment out of Karish was loaded on Monday, the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ft.com\/content\/48fd85f5-9730-4339-b532-b91057ce533d\" style=\"\">Financial Times<\/a><\/span><span style=\"\"> reports, marking the first time Israel has exported crude. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">MEANWHILE- Egypt\u2019s gas production is expected to remain flat this year<\/span><span style=\"\"> but a raft of new <\/span><span>exploration projects the government is planning in the next two years should raise output going forward, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.nasdaq.com\/articles\/egypts-gas-production-steady-plans-drilling-expansion-egas-head\" style=\"\">Reuters<\/a><\/span><span> reports EGAS chairman Magdy Galal as saying at the EGYPS conference yesterday. Production in the current fiscal year is likely to be around 6.4 bn cubic feet per day but plans to drill <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/13\/this-morning-egyps-rolls-on-egx-sfe-and-el-sisi-all-in-the-gulf-96637\/\" style=\"\">around 30 new wells<\/a><\/span><span style=\"font-weight:400;\"> this fiscal year and next should increase this, he said.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">There\u2019s room to expand at Idku and Damietta:<\/span><span> <\/span><span style=\"font-weight:400;\">Adding five new liquefaction units to the Idku and Damietta plants could boost the country\u2019s export capacity from 13 mn tons annually to 30 mn tons, Galal said. Expanding the terminals would take several years and require sizable investment, the newswire says, citing industry sources.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER- Our liquefaction plants aren\u2019t yet running at full capacity<\/span><span style=\"\">,<\/span><span style=\"font-weight:700\"> <\/span><span style=\"\">Oil Minister Tarek <\/span><span>El Molla said at EGYPS earlier in the week. To up LNG production in the short term, Israel would need to increase its gas exports to Egypt for processing at the Idku and Damietta facilities, EU Energy Commissioner Kadri Simson <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/14\/conference-report-flatish-lng-exports-to-eu-dana-gas-to-commit-more-to-egypt-greenifying-the-petroleum-industry-96779\/\" style=\"\">seemed to suggest<\/a><\/span><span style=\"font-weight:400;\"> to Reuters on Monday. Our LNG exports are expected to remain flat this year at around 7.5 mn tons. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The planned investments are equal to 17.5% of the USD 2 bn Energean has invested in Egypt to date<\/p>\n","protected":false},"author":1,"featured_media":581543,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7272],"tags":[7135,93,72,125,91],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581542","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-egas","tag-energy","tag-enterpriseam","tag-investment-watch","tag-oil-and-gas","wpautop","entry"],"acf":{"mongo_id":"33f73724-8f60-4ad8-8cc0-87ca6d3107bc","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/Leviathan-Reuters-2.14.23-1600px.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[581530],"teaser":"The planned investments are equal to 17.5% of the USD 2 bn Energean has invested in Egypt to date","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/2\/.75b3f00a-ce99-41a2-bab5-ec01bf0822a4.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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Energean will pay\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/7\/1686.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571682,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/20\/energean-wants-edison-to-revalue-its-portfolio-post-covid-slowing-down-its-acquisition-of-egypt-other-assets\/","url_meta":{"origin":581542,"position":1},"title":"Energean wants Edison to revalue its portfolio post-covid, slowing down its acquisition of Egypt + other assets","author":"enterpriseam admin","date":"20 May 2020","format":false,"excerpt":"M&A WATCH- Energean wants Edison to revalue its portfolio post-covid, slowing down its acquisition of assets in Egypt and beyond: Greece\u2019s Energean has asked Edison to reassess the valuation of its oil and gas portfolio before moving ahead with a planned acquisition, Youm7 reports, citing an unnamed industry source. 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