The move has bolstered the company’s contract pipeline to US$20 billion (£14.77 billion) over the next 20 years.
Energean, a gas producer, secured US$4 billion worth of new long-term Israeli gas offtake contracts in the first half of 2025 (H1 2025), ended 30 June.
This strategic move has significantly bolstered the company’s contract pipeline to US$20 billion over the next two decades.
Despite this positive development, Energean’s financial performance in the first half of the year has been affected by a series of operational challenges including a planned shutdown for essential works and a government-mandated suspension of production.
The company's operations across Egypt, Italy, Croatia, the UK and Greece, which collectively produced 44 000 boe/d in H1 2025, remain a focus for maximising value.
However, Energean reported an 11% decline in core profit for the six months leading up to 30 June, while its after-tax profit increased by nearly 24%.
Adjusted earnings before interest, taxes, depreciation, amortisation and exploration expense (EBITDAX) stood at US$505 million, with after-tax profit reaching US$110 million.
The temporary suspension of production in Israel in June and a delay in commissioning the second oil train have led Energean to revise its production forecast for the year.
The company now expects production to range between 145 000 boe/d and 155 000 boe/d, a decrease from the previously anticipated 155 000 boe/d to 165 000 boe/d.
In Egypt, Energean's CEO, Mathios Rigas, told Reuters there is an estimated further 3 trillion ft3 of gas beneath its existing platforms.
Offshore Israel, the company is considering drilling into untapped formations in deep Mesozoic rocks in Block 23, which Rigas believes could be a "new play opener for the whole East (Mediterranean)".
However, Energean is seeking a partner for this well and anticipates that drilling will have to wait for regional stability.
Rigas also mentioned that Energean expects to produce up to 2 billion m3 a year from its Katlan field off Israel, which is set to begin production in 2027.
This output is due to be transported via the proposed Nitzana pipeline from Israel to Egypt, which is yet to be constructed.