Energean lifts production outlook as Karish field comes onstream

East Mediterranean-focused oil and gas producer Energean on Thursday lifted annual production guidance as its Israel Karish gas field came onstream.

The company said it expected annual production of 44 – 47,000 barrels of oil equivalent per day, reflecting the start-up of Karish on October 26.

“Production is ramping up, with gas currently flowing from the Karish Main-02 and Karish Main-01 wells. The Karish Main-03 well is expected to be opened shortly,” the company said in a trading update.

“Substantially all of Energean's gas buyers have served notice to transition from their existing supplier to Energean. Commercial gas sales began on 28 October 2022.”

Reporting by Frank Prenesti for Sharecast.com