Energean reports strong financial growth and new gas supply deal in Israel

Energy company Energean recorded a 45% increase in net profits to $160 million for the first half of 2026, alongside a 35% growth in free cash flow, reaching $250 million. The group successfully reduced its net debt by $97 million in the second quarter while increasing liquidity to $404 million, even as it maintains significant investments in the Katlan field development.

Central to the company's expansion is a new 15-year supply agreement with the Sorek power plant in Israel, valued at $1.4 billion, covering the delivery of 7.7 billion cubic meters of natural gas. Operationally, Energean reported production levels exceeding 180,000 barrels of oil equivalent per day in August, following a production restart in Israel. Looking ahead, the company is preparing for a key exploratory drilling project, Asopos 1, in the Block 2 area of Greece in partnership with ExxonMobil, scheduled for April 2027. The firm is simultaneously pursuing exploration targets estimated at 400 billion cubic meters of gas across its assets in Greece and Egypt.