Energean announced on Wednesday it has restored group production to over 150,000 barrels of oil equivalent per day, following the restart of the Energean Power FPSO in Israel after a 41-day suspension linked to regional geopolitical tensions.

The company said that 84 per cent of total production now comes from natural gas, underlining the central role of gas in its portfolio.

Production was brought back to full levels within 48 hours of receiving ministerial approval, with the FPSO restarting safely on April 9, 2026 without any incidents.

From the restart until the end of April, average group production reached 152,000 boed, in line with the company’s original guidance.

“The FPSO Energean Power restarted safely and without any incident on April 9, after a 41-day suspension due to the regional conflict and a related ministerial order,” said Energean chief executive Mathios Rigas.

“We restored production to full levels within 48 hours of receiving approval, which demonstrates the quality of our asset and our operational team,” he added.

Despite the recovery, the temporary halt in Israel weighed on first-quarter performance, with average production falling to 114,000 boed during the period.

As a result, the company has revised its full-year 2026 production guidance to between 130,000 and 140,000 boed.

Financially, revenues for the first quarter stood at 288 million dollars, compared with 407 million dollars in the same period last year, reflecting the impact of the disruption.

Adjusted EBITDAX reached 184 million dollars, down from 278 million dollars a year earlier.

Available liquidity stood at 227 million dollars, rising to 307 million dollars by April 30, 2026, while net debt amounted to 3.325 billion dollars.

“Although the company is supported by strong fundamentals and positive growth prospects, the suspension clearly affected the financial results of the first quarter of 2026,” Rigas said.

The company confirmed that its board approved a dividend of 10 cents per share for the first quarter of 2026, reaffirming its commitment to shareholder returns.

Looking ahead, Energean expects an immediate increase in oil production in Israel, supported by the second oil processing unit, which is expected to be completed by the end of May.

This development is projected to lift liquids production to more than 20,000 barrels per day, from around 13,000 currently.

“Looking ahead, in Israel we expect an immediate boost in revenues from liquid hydrocarbons linked to Brent, as the second processing unit is expected to be completed by the end of May,” Rigas said.

At the same time, the company said that development projects in Israel and Croatia remain on schedule, with first gas expected in the first half of 2027.

These include the Katlan gas field in Israel, which is also expected to support exports, and the Irena field in Croatia.

The Nitzana gas pipeline project is progressing as planned, with completion targeted for October 2028.

Energean also confirmed that it has secured a drilling rig for its 2027 development programme, supporting the next phase of growth.

In Egypt, the company reported significant progress, including the receipt of 125 million dollars in outstanding payments from the Egyptian General Petroleum Corporation (EGPC) during the first quarter.

This development reduced receivables to their lowest levels since 2020, strengthening the company’s cash position.

The merger of three offshore concessions in Egypt is also at an advanced stage, further consolidating operations in the country.

Energean is preparing to launch an onshore exploration well at East Bir El-Nus in Egypt in late June or early July 2026.

In addition, the company has scheduled a second exploration drilling campaign in Block 2 in the north-west Ionian Sea in Greece for February 2027.

“These organic growth opportunities are particularly attractive, with two near-term exploration catalysts in Greece and Egypt targeting around 300 million barrels of oil equivalent of prospective resources,” Rigas said.

The company is also progressing its strategic entry into Angola, with final approvals expected in the second half of 2026 and completion targeted by the end of the year.

“The strategic entry into Angola is progressing according to plan, with final approvals expected in the second half of the year and completion by the end of 2026,” Rigas said.

He added that the company continues to evaluate additional opportunities to expand its portfolio in both existing and target markets.

“We continue to actively assess additional opportunities to expand our portfolio in countries where we already operate or target, where our track record and relationships provide a real competitive advantage,” he said.

Rigas also highlighted the company’s long-term financial visibility, pointing to reserves with an estimated life of 18 years and 20 billion dollars in contracted gas sales revenues over a 20-year horizon.

“Our reserves life of 18 years and 20 billion dollars in long-term contracted gas revenues over 20 years create a strong financial foundation that supports Energean’s growth prospects,” he said.

“Despite recent events, the company has demonstrated its resilience, as reflected in strong liquidity and operational performance across the group,” he added.

He concluded by stressing that the company remains focused on disciplined growth backed by strong fundamentals.

“Energean has strong foundations and we will continue to deliver growth with strict capital discipline,” he said.