View source for Energean

{{Infobox company
| name   = Energean plc
| logo   = Energean logo.png
| logo_size =
| type   = [[Public company|Public]]
| traded_as = {{ubl|{{lse|ENOG}}|[[FTSE 250 Index|FTSE 250]] component}}
| company_slogan =
| foundation     = {{Start date and age|df=yes|2007}}
| location       = [[London]], [[United Kingdom]]
| area_served = [[Southeast Europe]], [[North Africa]]
| key_people     = Karen Simon ([[Chairman]])<br>Mathios Rigas ([[CEO]])
| revenue = {{increase}} US$1,419.6 million <small>(2023)</small><ref name=results>{{cite web|url=https://www.energean.com/media/5767/2023-full-year-results.pdf|title=Annual Results 2023|publisher=Energean|access-date=21 March 2024}}</ref>
| operating_income = {{increase}} US$598.3 million <small>(2023)</small><ref name="results"/>
| net_income = {{increase}} US$184.9 million <small>(2023)</small><ref name="results"/>
| assets = {{increase}} US$5,783.7 million <small>(2023)</small><ref name="results"/>
| equity = {{increase}} US$686.1 million <small>(2023)</small><ref name="results"/>
| industry       = [[Energy]]
| owner = <small>[[UBS|UBS Asset Management]] (17.5%)<br>Stathis Topouzoglou (9.47%)<br>Leumi Partners Ltd. (8.70%)<br>Mathios Rigas (8.34%)</small><ref>{{cite web|url=https://www.marketscreener.com/quote/stock/ENERGEAN-PLC-42413942/company/|title=Energean plc|publisher=Marketscreener|access-date=9 March 2023}}</ref>
| products  = [[Hydrocarbon exploration|Oil and Gas Exploration]]<br />[[Natural Gas]] Trading <br />[[Oil refinery|Oil Refining]]
| homepage       = [https://www.energean.com/ www.energean.com]
}}
'''Energean plc''' is an international [[hydrocarbon exploration]] and production company, with a focus on natural gas. It is listed on the [[London Stock Exchange]] as well as the [[Tel Aviv Stock Exchange]] and is a constituent of the [[FTSE 250 Index]].
==History==
The company was established as Aegean Energy SA, a Greek-owned business, in 2007.<ref name=ipo>{{cite web|url=http://www.globes.co.il/en/article-energean-raises-460m-in-london-ipo-to-develop-israeli-gas-fields-1001228058|title=Energean raises $460m in London IPO to develop Israeli gas fields|publisher=Globes|date=16 March 2018|access-date=31 May 2018}}</ref> It started operations when it acquired Eurotech Services SA from [[Regal Petroleum]] in December 2007.<ref>{{cite web|url=https://www.shana.ir/en/newsagency/122564/Regal-Petroleum-Announces-Sale-of-Eurotech-Services-SA|title=Regal Petroleum Announces Sale of Eurotech Services SA|date=24 December 2007|publisher=Shana|access-date=31 May 2018}}</ref>
It changed its name to Energean Oil & Gas in 2010 after it started developing sites in the north [[Aegean Sea]].<ref>{{cite web|url=https://www.offshoreenergytoday.com/energean-signs-rig-platform-deal-with-gsp-for-epsilon-development/|title=Energean signs rig, platform deal with GSP for Epsilon development|publisher=Offshore Energy Today|date=27 February 2018|access-date=31 May 2018}}</ref> It was then the subject of an [[initial public offering]] in March 2018 on the London Stock Exchange. The company listed on the Tel Aviv Stock Exchange in October 2018.<ref>{{cite web|url=https://www.proactiveinvestors.co.uk/companies/news/208009/energean-oil-gas-starts-trading-in-tel-aviv-after-secondary-listing-208009.html|title=Energean Oil & Gas starts trading in Tel Aviv after secondary listing|publisher=Proactive Investor|date=29 October 2018|access-date=23 March 2020}}</ref>
In June 2019, it was reported to be in talks with financial entities to raise up to $1.5 billion.<ref>{{Cite web|url=https://www.calcalistech.com/ctech/articles/0,7340,L-3765182,00.html|title=Energean Oil and Gas in Talks to Raise up to $1.5 Billion for Edison Deal|last=Gutman|first=Lior|date=2019-06-27|website=CTECH - www.calcalistech.com|access-date=2020-03-23}}</ref> In July 2019, Energean made a deal to buy Italy's [[Edison (company)|Edison]] oil and gas business for $750 million, which would be funded via a $265 million equity placing and a $600 million loan followed by a further $100 million payment after first gas would be streamed from an Italian gas development.<ref>{{Cite web|url=https://www.ft.com/content/fdf7f2f8-9e2b-11e9-b8ce-8b459ed04726|title=Energean to buy Edison's oil and gas business in $750m deal|website=www.ft.com|access-date=2020-03-23}}</ref> In October 2019, Energean agreed to sell Edison North Sea assets to Neptune Energy Group for up to $280 million as part of an ongoing plan to sell non-core assets.<ref>{{Cite web|url=https://www.nasdaq.com/articles/energean-oil-to-sell-edison-eps-north-sea-assets-for-up-to-%24280-mln-2019-10-14-0|title=Energean Oil to sell Edison E&P's North Sea assets for up to $280 mln|website=www.nasdaq.com|language=en|access-date=2020-03-23}}</ref>
The company changed its name from Energean Oil & Gas plc to Energean plc in May 2020.<ref>{{cite web|url=https://www.directorstalkinterviews.com/energean-oil-gas-plc-now-just-energean-plc/412826027|title=Energean Oil & Gas plc now just Energean plc|date=29 May 2020|access-date=16 June 2020}}</ref>
==Operations==
In December 2016, Energean acquired 100 percent of the [[Karish gas field|Karish]] and [[Tanin gas field|Tanin]] natural gas fields from Delek Drilling and Avner Oil for $148 million as required by the Israeli government in order to open the sector to competition.<ref>{{Cite news|url=https://www.reuters.com/article/israel-natgas-energean-idUSL5N1E22EP|title=Israel okays Energean acquisition of Karish, Tanin gas fields|date=2016-12-07|work=Reuters|access-date=2020-03-23|language=en}}</ref> In March 2018, the company signed a $1.275 billion financing deal with [[Bank Hapoalim]], Morgan Stanley, Societe Generale, and Natixis in order to develop Karish and Tanin.<ref>{{Cite web|url=https://en.globes.co.il/en/article-energean-raises-460m-in-london-ipo-to-develop-israeli-gas-fields-1001228058|title=Energean raises $460m in London IPO to develop Israeli gas fields|date=2018-03-16|website=en.globes.co.il|language=he|access-date=2020-03-23}}</ref> In March 2019, the company reported that it had begun drilling for natural gas at Karish North in order to verify reserves estimated at up to 36 [[Billion cubic metres of natural gas|BCM]] on top of the already confirmed 67 BCM.<ref>{{Cite news|last=TheMarker|url=https://www.haaretz.com/israel-news/business/business-in-brief-ibm-seeking-186-million-shekels-from-israel-chemicals-1.6995679|title=Business in Brief: IBM Seeking 186 Million Shekels From Israel Chemicals in Counter-suit|date=2019-03-05|work=Haaretz|access-date=2020-03-23|language=en}}</ref> In June 2019, Energean signed an agreement with the Israel Natural Gas Lines Company (INGL) to build a reception terminal connected to the Israeli gas transport system, consisting of an undersea segment 10 kilometers from the coast and a coastal land segment near [[Dor, Israel|Dor]], for NIS 369 million.<ref>{{Cite web|url=https://en.globes.co.il/en/article-natural-gas-lines-to-buy-energean-gas-line-segment-1001290925|title=Natural Gas Lines to buy Energean gas line segment|date=2019-06-25|website=en.globes.co.il|language=he|access-date=2020-03-23}}</ref> Excess capacity in the terminal could be used by other producers who wish to connect to the INGL's gas grid. In November 2019, the company said that its appraisal of the Karish North discovery had revealed 1.2 trillion cubic feet of recoverable natural gas resources plus 34 million barrels of light oil, a significant increase from its original estimate.<ref>{{Cite web|url=https://www.timesofisrael.com/energean-estimate-adds-0-9-tcf-of-natural-gas-to-israel-resources/|title=Karish natural gas field off Israel's shore found to be much bigger than thought|last=Solomon|first=Shoshanna|website=www.timesofisrael.com|language=en-US|access-date=2020-03-23}}</ref> In January 2020, Energean signed a letter of understanding with DEPA, a Greek gas corporation, for the sale of up to 2 BCM of gas annually through the projected undersea gas pipeline to Europe, the construction of which is estimated to cost $9 billion.<ref>{{Cite web|url=https://en.globes.co.il/en/article-energean-signs-deal-to-sell-gas-to-greeces-depa-1001313438|title=Energean signs deal to sell Karish gas to Greece's DEPA|date=2020-01-02|website=en.globes.co.il|language=he|access-date=2020-03-23}}</ref>
Energean expects to bring the Karish field on line in the third quarter of 2022. As of late 2021, the company has signed contracts for the supply of 7.2 billion cubic metre of gas per year (appx. 46 million [[barrel of oil equivalent]]/year) to various Israeli consumers from the field out of the 8 BCM total annual production capacity of its [[Floating production storage and offloading|FPSO]] processing vessel.<ref>{{Cite web|date=2020-12-17|title=Energean Sells More Gas from Karish Field|url=https://www.oedigital.com/news/483986-energean-sells-more-gas-from-karish-field|access-date=2021-01-03|website=Offshore Engineer Magazine|language=en}}</ref>
== Legal issues ==
In November 2019, Energean was sued at the Tel Aviv District Court for NIS 603 million by Tsabar Gas and Oil. The lawsuit claimed that Energean had acted in breach of contract and had deprived Tsabar of its rightful share to the Karish and Tanin fields. In response, Energean denied the claims and asserted that it was the sole owner of the rights to the Karish and Tanin gas fields and that it had acted in complete transparency.<ref>{{Cite news|url=https://www.themarker.com/markets/1.8091069|title=בני שטיינמץ תובע את אנרג'יאן ב-600 מיליון שקל: "עשו לנו תרגיל עוקץ"|work=TheMarker|access-date=2020-03-23}}</ref> On 25 November 2019, Tsabar sent a strongly worded letter to Natural Resources Administration Director and Petroleum Commissioner Yossi Wurzburger in which it complained of allegedly inappropriate conduct by Energean that included Energean's alleged physical refusal to accept a delivery of documents from a messenger informing it of the lawsuit.<ref>{{Cite web|url=https://www.calcalist.co.il/local/articles/0,7340,L-3774541,00.html|title=הסכסוך בין שטיינמץ לאנרג'יאן מחריף: החברה מסרבת לקבל את כתב התביעה נגדה|last=גוטמן|first=ליאור|date=2019-11-26|website=כלכליסט - www.calcalist.co.il|access-date=2020-03-23}}</ref> Energean responded, disputing the claims.<ref>{{cite web|url=https://www.calcalist.co.il/markets/articles/0,7340,L-3773267,00.html|title=אנרג'יאן: "בני שטיינמץ מנסה לייצר לעצמו רווחים על חשבון פיתוח כריש|access-date=31 January 2022}}</ref>
==References==
{{reflist}}
==External links==
*[https://www.energean.com/ Official site]
{{FTSE 250 Index constituents}}
{{Authority control}}
{{DEFAULTSORT:Energean Oil and Gas}}
[[Category:Energy companies established in 2007]]
[[Category:Companies listed on the London Stock Exchange]]
[[Category:Non-renewable resource companies established in 2007]]
[[Category:2007 establishments in Greece]]
[[Category:Energy companies of England]]
[[Category:2018 initial public offerings]]
[[Category:Companies listed on the Tel Aviv Stock Exchange]]
[[Category:Companies in the TA-35 Index]]