Energean is notifying gas buyers that the commissioning period under the gas sales and purchase agreements has ended and the start date for commercial obligations has commenced.
Globes reports that Energean plc (LSE: ENOG; TASE: ENOG) has reported strong 2022 financial results after natural gas production from the Karish offshore Israel gas field began in the final quarter of the year. Revenue in 2022 was $737 million, up 48% from 2021 and net profit was $17 million after a net loss of $96 million in 2021.
Gas production from Karish began on October 22, and Energean is now notifying gas buyers that the commissioning period under the gas sales and purchase agreements has ended and the start date for commercial obligations has commenced. This process will be completed by the end of March. By the end of 2022, the company expects to complete additions to the Karish field infrastructure and begin production from the Karish North field, while will bring annual gas production from the Karish field to 8 BCM.
Energean said that Israel offshore gas reserves rose by 20% in 2022 following new discoveries.
Source - Globes/Twitter - Image - Energean