Energean posts higher first-half profit on strong summer demand in Israel

Gas producer Energean posts a higher first-half profit, helped by a rise in production due to strong summer demand in Israel.

Energean, whose main production comes from a gas facility offshore Israel, is looking to expand to the wider Europe, Middle East and Africa regions, particularly where there is long-term policy support for gas and displacement of coal.

The company says production for the reported period rose to 146 thousand barrels of oil equivalent (kboepd), from last year’s s 106 kboepd, with the Karish and Karish North fields in Israel contributing more than 70% of total output.

Energean aims to double its production in the coming years, primarily through development of new prospects in Israel including the Katlan field.

The company reports a profit after tax of $89 million, or 48 cents per share, for the six months ended June 30, from $70 million, or 39 cents per share it posted last year.