23rd Jul 2024 12:50
Energean PLC - oil and gas development in Israel and Morocco - Takes final investment decision for Katlan gas development project offshore Israel, as confirms the Ministry of Energy & Infrastructure has granted a 30-year lease for Katlan, plus a 20-year extension option. Energean says the Katlan area will be developed in phases using a subsea tieback to its existing floating production, storage and offloading vessel nearby. First gas is expected in the first half of 2027. Energean is the 100% owner and operator of Katlan, which was discovered by the company in 2022. "By developing Katlan, we will unlock further value in the Israeli subsurface that will provide additional energy security and drive sustainable development, both in Israel and the broader region," says Chief Executive Officer Mathios Rigas.
Energean last month agreed to sell its oil and gas portfolio in Egypt, Italy and Croatia to private equity firm Carlyle Group in order to focus on its gas fields in Israel and Morocco.
Current stock price: 1,051.00 pence
12-month change: down 7.3%
By Tom Waite, Alliance News editor
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