International hydrocarbon exploration and production company Energean is planning to optimize its offshore concessions in Egypt while exploring new areas in the Nile Delta Region, according to the company’s operational updates and performance results for the first quarter of 2025 (Q1 2025), ending March 31.
“In Egypt, we are working with the government to optimize the terms of our offshore licenses whilst preparing to drill our low-cost onshore East Bir El Nus (EBEN) Concession [in the Western Desert],” said Mathios Rigas, CEO of Energean.
The company is also exploring near-field infill drilling opportunities around the Abu Qir concession area in the Nile delta region, where it holds over 30 million barrels of oil equivalent (mmboe) of recoverable reserves.
“We are pleased to continue to safely operate as a diversified, gas-focused independent exploration and production (E&P) company in the Mediterranean, holding over a billion barrels of oil equivalent with a proved plus probable (2p) reserves life of 19 years. We produced an average of 145,000 barrels of oil equivalent per day (boe/d), with a maximum of 180,000 boe/d,” said Rigas.
During Q1 2025, Energean recorded an average production of 44,000 boe/d across Egypt, Italy, and Croatia. This includes the completion of key developments, such as North El Amriya and North Idku (NEA/NI), located offshore in the Nile Delta Region, Egypt.
On the financial front, Energean reported revenues of $407 million, a slight decline from the $413 million recorded in Q1 2024.
Meanwhile, the company’s adjusted Earnings Before Interest, Taxes, Depreciation, Amortization, and Exploration Expenses (EBITDAX) rose 7% year-on-year (YoY) to $278 million, compared to $259 million in Q1 2024.
Looking ahead, Energean remains focused on enhancing cost efficiency and maximizing free cash flow from its Egypt, Italy, and Croatia operations.
On the international level, Energean, announced that it produced 145,000 boe/d, including 84% natural gas during the three months ending on March 31, 2025.
It added that the peak production recorded 180,000 boe/d during periods of high demand in Israel.
The company noted that its production increased 9% YoY, excluding Israel, due to Italy’s Cassiopea gas project offsetting natural decline in Egypt.
Moreover, Eneragean expected the production of 155,000–156,000 boe/d, refined from an indicative guidance of 160,000-175,000 boe/d during the remainder of 2025.
(egyptoil-gas.com, May 22, 2025)
