Energean

In the #oil & #gas industry and broader #energy value chain, there is no choice but to ensure that #HSE is at the core of all operations. It is with this objective in mind that we are delighted to announce we have joined Step Change in Safety to support our ongoing focus on excellence, through peer to peer knowledge sharing and ensuring best practice across all our operations. Vassilis Tsetoglou Sarah McGrory Paddy Blewer

At Halliburton’s LIFE2024 Landmark Innovation Forum & Expo in Athens, we shared our incredible transformation from a modest £1 million Greek oil company to a £2 billion London FTSE250 and Tel Aviv TA-35 listed firm. Speaking as the only Greek CEO of an international E&P firm, Mathios Rigas highlighted how our journey encapsulates innovation, commitment, and strategic foresight. Here are the key takeaways:   Role of Gases: The Backbone of #EnergySecurity. "Only domestic #gas production can create this level of energy security. Through our additional production, Israel has become a major energy exporter for the first time.”   #CCUS Revolution: Leading the Way: "We understand geology. We understand molecular transportation and injection. Big #Carbon will come to complement Big Oil." At Energean, we are developing the only CO2 Storage project in SE Europe, underwriting regional industrial employment.   East Med Energy Potential: Turning Possibility into Reality: "If governments want #energy security, they need to develop policy that encourages exploration and production." The East Med region holds tremendous potential, yet local demand often outstrips local supply. There has to be positive long term policy signals to drive investment.   Independent E&P: Swift, Innovative, Aligned: "Innovation is in our DNA. Our interests are entirely aligned with those of the sovereign state – swift development to production."   #ESG Leadership: "By 2023, we have not only met but exceeded our goal by reducing our carbon emission intensity by 86%." Our commitment to ESG leadership remains unwavering."   Read more about our groundbreaking journey and insights shared at LIFE2024 here: https://lnkd.in/dT_H9fjH   Join us in exploring how we are shaping the future of energy, one innovative step at a time.    Follow our story and see how we are leading with purpose, innovation, and a commitment to sustainability. Paddy Blewer, Sotiris Chiotakis

We are very pleased that EnEarth, Energean’s carbon storage and environmental services subsidiary has formally submitted an application for a CO2 Storage License at Prinos, Kavala, NE Greece, to the Hellenic Hydrocarbons and Energy Resources Management Company (EDEYEP).   The application seeks to gain approval for: the suitability as a CO2 storage site as specified in the Investigation Permit and therefore the activation of the right to store CO2.   As detailed in the application submitted for approval, the storage capacity of the first phase of the project will be up to 1 million tonnes of CO2 per year. Once fully developed, storage capacity could reach 3 million tonnes of CO2 per year.   Katerina Sardi, Energean Country Manager in Greece commented that this is "An important step for the implementation of the project and demonstrates the total commitment of EnEarth and the Energean Group for the c.500 million-euro investment at the first phase. Acquiring the Storage License will guarantee the implementation of the Prinos storage project on time……. The project is highly significant for the Greek and regional socio-economic dynamic. Multiple businesses and therefore many jobs will be dependent on a viable CO2 storage facility at Prinos. The project will benefit the environment, the Greek economy, and local communities……. The unfortunate end of the gas storage project in South Kavala should be a guide in order to avoid the failures of the past and for this new project to proceed safely and in the shortest possible time."   https://lnkd.in/dHz83Zs5   #CCS #CCUS #carbonstorage Paddy Blewer, Sotiris Chiotakis

For our final post on Energean’s remarkable archaeological discovery, we want to share a great Channel 12 news piece that tells the whole story. How we discovered the treasure trove during routine survey work on the sea bed. How it’s more valuable if less amusing than finding a perfectly standing toilet and how exciting it was for the entire team working on a project that changes our understanding of ancient civilisation in the #EastMediterranean.   We are proud to have made the discovery and worked in close partnership with the #Israeli archaeological authorities to ensure that these artifacts can be preserved for public viewing and historical study. Its what makes Energean unique. As we say, “our ETHOS, our world” Watch the video here: https://lnkd.in/d7s4XfYM Paddy Blewer Eliana Fishler

CEO Mathios Rigas on Bloomberg Asharq TV, providing some valuable context to our recently announced portfolio sale of Italian, Egyptian and Croatian portfolio to Carlyle This was the optimal way for Energean to define our capital & capacity balance. We will be able to pay off debt, return capital to shareholders and focus on major projects that will drive new growth. For instance, we are hopeful to repeat our Israeli success in Morocco. When we drill a well in August, we hope for positive results that will mean new domestic #gas supply that will underwrite #energysecurity. The transaction should also be seen as a vote of confidence in the Egyptian Petroleum system, that such an experienced American investor has committed to invest new capital in multiple projects. Caroline Hegazi, MBA Nicolas KATCHAROV Aldo Costantini Eliana Fishler Paddy Blewer https://lnkd.in/guC8v6zK

Wow. It feels like the whole world has got excited about Energean’s most recent discovery. It’s been great to see the universally positive reaction to the fascinating story of how Energean initially discovered the ancient Canaanite shipwreck deep on the Mediterranean floor – and then worked in partnership with the Israel Antiquities Authority to successfully recover the artifacts with precision and due care for the priceless cargo The media reaction has been supportive and engaged, enhancing Energean’s reputation as both a world class engineering led gas focused E&P but also a company that understands that community matters. Congratulations to the entire team that worked on this landmark project, Eliana Fishler, Karnit Bahartan , Ph.D., קרנית בכרטן, David Malkin Check out some of the articles here: https://lnkd.in/eWvXwhum https://lnkd.in/ej5GVrxe https://lnkd.in/eAVsskbS Paddy Blewer

At the recent Carbon Economist #CCS Strategy conference in London, Nikolas Rigas, Head of #CarbonStorage at EnEarth (Energen’s specialist #decarbonisation subsidiary) gave a speech that focused on 3 core points: 1 – For all the activity in NW Europe, Southern and particularly South Eastern Europe lacks any meaningful CO2 storage capacity, apart from EnEarth’s regionally unique Prinos Carbon Storage project. Prinos was awarded the first Carbon Storage exploration license in the Mediterranean Region. It has been awarded “Project of common Interest” by the EU and there is committed €150MM funding by the Greek Government under the European Recovery & Resilience Facility (RRF). If all players, including policy makers, do not get going there could be negative consequences for the regional industrial economy. Energean is a leader, but we cannot do it on our own. 2 – The other side of this coin is that there may not be the capacity to store the #carbon #emissions from regional industrial emitters within the region itself. We may have to look beyond our borders and co-operate with innovative providers outside the region – potentially outside the EU. Again, this will need positive engagement and intent from the policy community. This will only happen if regulation, particularly on cross border commodity tariffs are designed to incentivise and not block the necessary investment. 3 - We have to capture the imagination of the next generation so that we have access to the best and brightest talent. At the moment, the #CCUS value chain runs the risk of not attracting young talent because other environmental engineering careers might be seen as more appealing, and we are seen as being too close to the “dark side”. We have to demonstrate that not only are we removing emissions from the atmosphere, we are also providing a vital socioeconomic service, underwriting vital industrial jobs and that we are a Great Place To Work Hellas.

Energean is incredibly proud to have been involved in a remarkable #archaeologicaldiscovery. The oldest discovery - 3300 years old - of an intact ship and cargo in deep seas have been found by Energean on the #Mediterranean sea bed at a depth of 1.8km. The discovery was made during Energean’s routine seabed survey. The contents of the vessel were positively identified as Late Bronze Age Canaanite amphorae / storage vessels by the Israel Antiquities Authority, an entirely unique and valuable discovery – something we are used to at Energean! In the course of two days of work at sea, the Energean team extracted two vessels, each from a different extremity of the ship, to minimize disturbances to the intact assemblage of the boat and its cargo. It is what the find tells us about our forbears 3000 years ago that is so exciting. Jacob Sharvit, Head of the Israel Antiquities Authority Marine Unit commented “The discovery of this boat now changes our entire understanding of ancient mariner abilities. This find reveals to us as never before the ancient mariners’ navigational skills – capable of traversing the Mediterranean Sea without a line of sight to any coast”. Shaul Zemach, Energean Israel CEO, made it clear why we committed to such a complicated operation to extract archaeological artifacts from the ocean floor: “The ongoing relationship with the Israel Antiquities Authority is an inseparable element of Energean’s connection to the community, and exemplifies our commitment to society and to the environment. In this complex project our team exhibited extraordinary professionalism, and we are happy to be partners to a discovery of this magnitude”. As Indiana Jones said – “that belongs in a museum”. Thanks to Energean, these priceless artifacts that tell us new stories about our forefathers now can be preserved for humanity – a great example of Energean’s ETHOS and commitment, “Our world, Our responsibility”. For more information on this remarkable story, including fascinating historical analysis from our colleagues please click here: https://lnkd.in/d-EaGHs4 Paddy Blewer, Eliana Fishler, Karnit Bahartan , Ph.D., קרנית בכרטן, Sotiris Chiotakis

We are very pleased to announce, that we have entered into a binding agreement for the sale our portfolio in Egypt, Italy and Croatia to Carlyle for an enterprise value of up to $945 million. This offer represents 3x+ return since the assets were acquired in 2020. At closing, a special dividend of up to $200m is intended to be declared. The divestment enables Energean to focus on its core #gas-weighted assets in Israel and Morocco, to maximise free cash flow generation and returns to shareholders.  Energean will now evaluate opportunities beyond the Mediterranean in the wider EMEA region, particularly where there is long-term demand and policy support for gas, both in terms of #energysecurity & #sustainabledevelopment. As CEO Mathios Rigas comments “This deal represents an exciting new chapter for Energean. Today we have realised a significant return on the investment made when we acquired this portfolio over four years ago. The transaction delivers on our strategy and Energean’s ability to maximise value for our shareholders. It maintains our highly disciplined approach to capital allocation, as demonstrated by the accretive transaction metrics, coupled with an anticipated special dividend." “Looking ahead, this transaction unlocks management capacity and financial flexibility to drive future growth. Our focus will now be to create enhanced value from our Israel assets, and evaluate new opportunities that fit Energean’s key business drivers: paying a reliable dividend, deleveraging, growth, and our commitment to Net Zero. “Carlyle is the right custodian of the asset base and will create an excellent home for our colleagues. We wish them every success and look forward to watching their progress. I want to thank all of our colleagues based in Egypt, Italy and Croatia for their hard work and dedication over the years.” Panos Benos Angelos Mastrantonis Paddy Blewer Eliana Fishler Sotiris Chiotakis Caroline Hegazi, MBA Antonino Caliri Kyrah Mckenzie Maria Martin https://lnkd.in/e3QkX8AR

Energean Italy recently collaborated with the web magazine "Tech Talking" to release an insightful three-part series on our pivotal role in the energy sector. The series features in-depth interviews with our colleagues: Bruno Garcea - Senior Geophysicist Leader, Norberto De Marchi - Project Manager for Energy Transition, Giuseppe Greco - Head of Decarbonisation and Italian Projects & Antonino Caliri - Head of Public Affairs and Communications in Italy. The series covers: - The Role of #Gas in Italy and Energean Italy's Positioning - Carbon Capture and Storage (CCS): Our contributions to climate change mitigation - AI and the Recommissioning of Platforms: Using big data and innovative technologies At Energean, we are committed to leading the oil and gas industry toward #sustainable practices, minimizing environmental impact, and ensuring energy security. Our operations in Greece, Israel, Egypt, and Italy employ cutting-edge geophysical exploration technologies. Read more on this here: https://lnkd.in/dsP8sE5J   CCS is key to our strategy, capturing and storing CO2 emissions from energy-intensive industries. Our dedication to #CCS and renewable electricity underscores our goal of net-zero CO2 emissions by 2050. Read more on this here: https://lnkd.in/dy8gCSJC We are also transforming the industry with AI and innovative platform recommissioning, enhancing efficiency and giving new life to depleted platforms through sustainable uses. Read more on this here: https://lnkd.in/d8bs96fb We are proud to demonstrate how the oil and gas sector can evolve through technology and sustainability, paving the way for a greener future. This collaboration with "Tech Talking" highlights our commitment to the environment and our passion for our work. Paddy Blewer Stefano Silvestri