Energean Lifts Output as Israel Gas and Greek CCS Projects Gain Pace

November 26, 2025

Energean plc (LSE: ENOG) reported a 35% quarter-on-quarter jump in third-quarter output and confirmed it remains on track to meet its 2025 production targets, despite a turbulent geopolitical backdrop and a temporary shutdown of its Israeli operations earlier this year.

It averaged 151,000 boe/d in the first nine months of 2025 and generated $828 million in adjusted EBITDAX, while advancing flagship growth projects in Israel, Egypt, Croatia, and Greece, and securing ExxonMobil as a partner in its deepwater Greek exploration acreage.

The company delivered higher Q3 output, tightened production cost guidance, strengthened its balance sheet through a €400 million bond refinancing, and accelerated development across its East Mediterranean portfolio, including new export routes from Israel and progress on Greece’s first full-scale carbon storage project.

Production rose sharply in Q3 to 176,000 boe/d, driven by strong Israeli gas demand following June’s temporary shutdown. Nine-month average production of 151,000 boe/d remains aligned with full-year guidance of 145,000–155,000 boe/d. Costs remained contained at $6/boe excluding royalties, helping offset weaker liquids pricing and earlier operational disruptions.

Safety and emissions performance improved, with Energean cutting scope 1 and 2 intensity to 7.7 kgCO?e/boe.

Israel continues to anchor the portfolio at 109,000 boe/d year-to-date. Key commercial steps included:

• A 15-year transmission deal with Israel Natural Gas Lines for up to 1 bcm/yr via Nitzana, supporting exports to Egypt.
• A binding long-term gas sales agreement with Dalia Energy worth more than $2 billion.
• A letter of intent with Cyprus’ Cyfield for potential supply to a new power plant, supported by a proposed new FPSO-to-Cyprus subsea pipeline.

Katlan, Energean’s next major Israeli development, is progressing ahead of schedule, although accelerated payments lifted full-year capex guidance. First gas remains slated for H1 2027.

One of Energean’s highest-impact milestones was securing ExxonMobil as partner in Greece’s Block 2 in the Ionian Sea. Energean will remain operator for the exploration phase, retaining 30% working interest. Exploration drilling is targeted for late 2026/early 2027, positioning Greece as an emerging frontier in the East Mediterranean gas play.

Energean’s Prinos carbon storage project, positioned as Greece’s first commercial-scale CCS hub, received environmental approval for Phase 1 and its first tranche of EU Recovery & Resilience Facility funding. The project will store up to 1 Mtpa in its initial stage.

Egypt delivered strong results at 29,000 boe/d as rigless work boosted output. Energean is in advanced talks to merge concessions to extend field life and secure improved fiscal terms. Preparations are underway to drill the first wells on the EBEN onshore block.

In Croatia, the Irena project remains on schedule for first gas in H1 2027. In Italy, Rospo Mare has restarted and Cassiopea underperformance is being offset by Egyptian outperformance.

Energean ended Q3 with $238 million in cash and $286 million in liquidity. Net debt rose to $3.25 billion due to capex outlays, bond coupon payments, and Egyptian receivables, though EGPC has committed to make a payment by year-end.

A €400 million senior secured bond issuance refinanced Energean’s 2027 notes, extending average debt maturity to nearly six years at a 6.9% weighted average interest rate. The 2026 Energean Israel notes were also fully redeemed.

Dividends of $166 million were returned year-to-date, and the Q3 dividend is set for payment on 29 December.

Energean reaffirmed its production, G&A, exploration, and decommissioning guidance for 2025, while lowering its cost-of-production outlook and raising capex expectations due to the Nitzana pipeline and accelerated Katlan milestones. Net debt guidance was revised to $3.1–3.2 billion.

The company described 2026 as a “key investment year,” with major activity at Katlan and continued momentum across its Mediterranean gas and CCS portfolio. It is also actively evaluating new opportunities, particularly in West Africa.

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