On Thursday, gas producer Energean lowered its production forecasts for 2024 due to lower sales in Israel due to poor weather conditions.
The company expects 2024 production to be between 150,000 and 155,000 barrels of oil equivalent per day (boe), compared to an earlier forecast of 155,000-165,000 boe.
Third-quarter production averaged 135,000 boe, it added, which was higher than broker Peel Hunt Research’s estimate of 120,000 boe for the quarter.
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“This reduction [des prévisions] is due to Israel, which reflects lower than expected sales in November due to weather and market dynamics and, for the lower end, an assumption of flat month-over-month sales for December,” Energean said in a statement.
The company clarifies that daily production in Israel is not affected by the current geopolitical situation.
“Our operations continue to ensure the energy security of Israel and the region through the optimization of production from our FPSO (floating production, storage and offloading unit), which operated at 99%,” he said. explained Mathios Rigas, President and CEO of Energean.
Energean is producing increasing volumes of gas and oil from its flagship Karish field, offshore Israel, Peel Hunt analysts say, adding that they expect 2025 to be another year of “delivery robust “.
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