On Thursday, gas producer "Energean" in the Eastern Mediterranean anticipated a final investment decision regarding its Olympus gas fields off the coast of Israel by the end of the year, along with infrastructure supply. Energean stated that "the development of the area has become a priority over the Tanin gas field, which will remain undeveloped in the third decade of the 21st century." The company announced a dividend of $0.30 per share in the first quarter, consistent with its first quarterly distribution last year.
The company mentioned it aims to increase the capacity of its floating production and storage platform off Israel to 12 billion cubic meters annually. The platform is on track to deliver eight billion cubic meters of gas to the Israeli gas market by next year, following the operation of Energean's Karish offshore field in October. A connection will be established between Olympus and the floating production and storage platform, with delivery to the Israeli market under the contracts, and any excess amounts will go to Egypt and Jordan.
The company has reduced its production guidance for this year to between 125,000 and 140,000 barrels of oil equivalent per day, down from a range of 131,000 to 158,000, due to factors including greater-than-expected declines in production in Egypt.
