Eastern Mediterranean-focused gas producer Energean cut its 2026 production forecast and dividend on Wednesday after a 41-day shutdown of its Israeli operations hammered its first-quarter results.
The company’s power floating production vessel resumed operations on April 9 after Israel’s Energy Ministry lifted a directive that had suspended production since late February, with output returning to full capacity within 48 hours.
Amid conflict across the Middle East, Energean, a major producer of natural gas in Israel, has seen its Israeli gas fields and the production vessel serving them shut down twice in the last year. It has been increasing investments and exploring deals in a bid to lift output and expand operations amid the disruption.
“Our organic growth outlook is compelling with two near-term exploration catalysts across Greece and Egypt,” CEO Mathios Rigas said in a statement, adding that Energean’s development projects in Israel and Croatia remain on track for first gas in the first half of 2027.
Energean is partnering with US oil major ExxonMobil and Greece’s biggest oil refiner Helleniq Energy to explore for natural gas in the Ionian Sea, Greece’s exploration drilling in 40 years.
