Energean plans to expand its presence in Africa, seeking to diversify its operations away from the Middle East, where conflicts have impacted energy markets.
The company’s CEO, Mathios Rigas, told Bloomberg that entering Angola through the acquisition of two offshore blocks from Chevron is part of a broader expansion strategy:“Angola was chosen for two reasons: diversification and a strategic decision to enter West Africa, which has many discovered but unexploited reserves.”
Energean currently operates in Israel—where it produces most of its natural gas—in Egypt, and in European countries. However, dependence on Israel proved critical, as the Karish field was shut down for six weeks due to military tensions with Iran.
Mathios Rigas noted that the shutdown had significant financial implications: “Israel’s decision to shut down Karish had a major financial impact on us, as we had to continue meeting our obligations to employees and bondholders.” He also added that the company will seek compensation from the Israeli government.
Meanwhile, Energean is evaluating additional concessions near the Hercules and Drakon fields, which are currently on hold because“they are not large enough to justify standalone development.”
Mathios Rigas emphasized that the strategic allocation of capital is based on efficiency: “We allocate our capital—which is not unlimited—to projects and countries that we believe will deliver the best and fastest results.”
The company aims for balanced production from Israel, Egypt, and West Africa, with the goal of doubling total production to 300,000 barrels of oil equivalent per day over the next five years.
Finally, Mathios Rigas stated that no new asset sales are currently being considered, following the cancellation of a previous agreement with Carlyle, noting: “It was a transaction we did not pursue. Carlyle approached us, we agreed on the price, but in the end they didn’t come through with the money.”