Latest news with #MathiosRigas
Reuters
22-05-2025
- Business
- Reuters
UK gas producer Energean cuts production outlook, seeks deals to bolster output
May 22 (Reuters) - British gas producer Energean (ENOG.L), opens new tab narrowed its annual production forecast on Thursday and said it was actively looking for merger and acquisition prospects after its failed deal to sell some assets to private equity fund Carlyle (CG.O), opens new tab. In March, Energean scrapped a deal to sell its Egypt, Italy and Croatia portfolio to Carlyle due to delays in obtaining regulatory approvals in Italy and Egypt. The group now expects output of 155-165 thousand barrels of oil equivalent per day (kboed) for the year, from an earlier indicative guidance of 160-175 kboed. "We are actively assessing M&A opportunities in addition to a number of organic growth options, with strict capital discipline, within the broader Europe, Middle East and Africa (EMEA) region," CEO Mathios Rigas said in a statement. Energean said its year-end 2025 net debt was expected to be $2.8 billion-$3 billion. The company has a market capitalisation of $2.15 billion, according to LSEG data.
Zawya
15-05-2025
- Business
- Zawya
"We Don't Have the Luxury of Time": Global Energy Leaders Urge Swift Action on Africa's Resources
In a striking call to action at the closing session of the Invest in African Energy Forum in Paris, Energean CEO Mathios Rigas laid out a bold vision to replicate the company's Mediterranean success across Africa, urging African governments to accelerate decision-making and prioritize the development of untapped gas resources. Rigas' remarks came during the high-profile panel, The Future of Global Energy Partnerships: Seizing Africa's Untapped Market Opportunities –sponsored be Energean – which brought together global energy leaders to underscore Africa's central role in shaping the future of secure, inclusive and sustainable energy systems. 'We want to bring the same model that worked in the Mediterranean to Africa,' said Rigas. 'We don't have the luxury of time. This is not exclusive [to] renewables or natural gas. To solve energy poverty, affordability and accessibility for the whole continent – we need everything.' Energean, which has invested over $3 billion in the Mediterranean over the last five years, is now looking to deploy the same integrated development approach across Africa. But Rigas warned that success depends on bold leadership from governments: 'If there are resources being undeveloped, push people to develop them. If they don't want to, there's someone else who will.' His comments were nuanced by Tim Gould, Chief Energy Economist at the International Energy Agency (IEA), who emphasized the need for a balanced and pragmatic approach to Africa's energy development. 'There's extraordinary untapped potential, given the richness of the renewable resource across many parts of Africa. But we also recognize that the conversation about Africa's development cannot end with renewables,' said Gould. 'For the IEA, energy security is our core mandate. We don't see security and sustainability at opposite ends of the spectrum.' This framing underscored a growing consensus that Africa's energy mix must be as diverse as its development challenges, with Gould calling for 'integrated development of energy systems' that balance affordability, sustainability and sovereignty. Namibia's Petroleum Commissioner Maggy Shino offered a compelling national perspective, highlighting how the country's nascent oil sector could be a springboard for economic transformation, particularly through the development of specialized skills and long-term industrial capacity. 'We are going to establish Lüderitz as an energy hub – that's where we're putting the infrastructure to evacuate the green hydrogen we will produce in Namibia, as well as the infrastructure for developing the petrochemical industry,' she said. Shino emphasized that resource revenues should be leveraged strategically to build the country's future, not just to meet short-term needs. 'We are at a time where Africa should move away from using revenues from resources to address the problems of today. They should be used as seed capital to grow the future.' Cheick-Omar Diallo, Leader Task Force Communication and Spokesperson for TotalEnergies on the East African Crude Oil Pipeline, defended the development as a sovereign decision by Uganda and Tanzania, emphasizing the company's efforts to uphold environmental standards, minimize displacement and ensure local benefits. 'We want to be a responsible operator – that means producing to the highest standards while addressing biodiversity and community concerns,' said Diallo. 'This was not just a TotalEnergies project – it was a sovereign decision by Uganda and Tanzania. Once that decision is made, the question is how to implement it responsibly. We avoided sensitive areas along the pipeline route, and while displacement is never ideal, it is a reality of infrastructure projects.' The panel marked a fitting conclusion to the forum, blending urgency, realism and ambition. While global players like Energean and the IEA called for speed and pragmatism, African leaders insisted that the path forward must be driven by national priorities and long-term value creation. Distributed by APO Group on behalf of Energy Capital&Power.
Zawya
08-05-2025
- Business
- Zawya
Energean Chief Executive Officer (CEO) Confirmed to Speak at Invest in African Energy (IAE) 2025 in Paris
Mathios Rigas, CEO of Energean, will speak at the upcoming Invest in African Energy (IAE) 2025 Forum in Paris, where he will bring critical insights into the future of gas development and investment in Africa. As the head of one of the Mediterranean's leading independent E&P companies, Rigas is uniquely positioned to discuss how African nations can accelerate gas monetization, meet rising domestic energy demand and attract private sector-led upstream investment. Energean's entry into Morocco marks a notable expansion of its operations in Africa and reflects the company's strategic focus on gas development across the continent. In April 2024, Energean farmed into the Lixus and Rissana offshore licenses and began drilling at the Anchois gas project in August. Although the discovery did not yield sufficient volumes to justify development, the move signals Energean's intent to replicate its gas-focused success in the Mediterranean and target gas-weighed assets. IAE 2025 ( is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 13-14, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit To sponsor or participate as a delegate, please contact sales@ Following the announcement in December 2024 that Energean would target new acquisitions across Africa, along with the Balkans, the UK and the North Sea, the company is actively reshaping its portfolio around high-impact, development-ready assets. This strategic shift comes in the wake of the divestment of mature assets and signals a renewed focus on frontier and underdeveloped regions, where Energean can apply its proven development model. Africa is set to play a central role in this new chapter, offering both resource potential and strong demand fundamentals. With its technical capabilities, successful track record in bringing offshore gas projects online, and experience navigating complex regulatory environments, Energean is well-positioned to make a significant contribution to Africa's gas agenda. The company's approach aligns with the continent's energy transition priorities, offering cleaner-burning fuel sources that can support industrial growth, job creation and greater energy independence. IAE 2025 will serve as a critical platform for facilitating dialogue between Energean and key African stakeholders – including governments, regulators and investors – as the company deepens its presence on the continent. As Africa advances its gas agenda and seeks partners to support energy security and industrial development, IAE offers unmatched opportunities to share strategic insights, forge new partnerships and drive investment into high-impact, gas-focused projects. Distributed by APO Group on behalf of Energy Capital&Power.
Yahoo
14-04-2025
- Business
- Yahoo
Energean Israel signs gas sale agreement with Kesem Energy for new power plant
Energean Israel has announced the signing of a gas sale and purchase agreement (SPA) with Kesem Energy to supply gas to Kesem's upcoming power plant. The plant is expected to be operational before the end of the decade, with Energean Israel committed to supplying approximately one billion cubic metres (bcm) annually from the mid-2030s. The agreement represents significant revenues, with Energean Israel projecting more than $2bn (NIS7.37bn) from approximately 12.5bcm of contracted supply over the 17-year period. Energean CEO Mathios Rigas said: 'We are pleased to announce the signing of another new contract, this time with Kesem, whose new planned power plant demonstrates the robust and growing long-term demand for natural gas in Israel. Energean has been a major underwriter of both energy security and transition in Israel and the broader region. We are delighted to continue to meet the needs of Israeli clients and society. 'This contract also reflects our long-stated commitment to securing stable and reliable long-term cash flows. We have now secured around $20bn in contracted revenues over the next two decades.' Prior to the full commencement, Energean will supply limited gas quantities intermittently. The contract includes provisions for floor pricing, take-or-pay terms and price indexation, which are not linked to Brent prices. Energean has aligned this gas SPA with other long-term contracts in its portfolio. 'Our strategy emphasises stability and resilience, evidenced by the fact that over 75% of our Group production contains floor pricing. This approach safeguards our operations and investments against global financial and commodity price volatility. It is and remains one of the core tenets of our strategy and investment thesis,' Rigas added. In a related development, Energean reached a $1.2bn final investment decision for the Katlan project in Israel in July last year. This project, fully owned and operated by Energean, is scheduled to begin gas production in the first half of 2027. The Israeli Government approved the Katlan development plan in December 2023. The initial phase is estimated to contain 229 million barrels of oil equivalent. Discovered in 2022, the Katlan area will be developed in phases through a subsea tieback to the existing Energean Power floating storage and offloading unit. "Energean Israel signs gas sale agreement with Kesem Energy for new power plant" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
24-03-2025
- Business
- Yahoo
Energean terminates Carlyle asset sale in Italy, Egypt and Croatia
Energean, a UK-based gas producer, has terminated its divestment agreement with Carlyle International Energy Partners due to delays in obtaining regulatory approvals in Italy and Egypt. The deal, initially valued at up to $945m (£729.33m), included Energean's oil and gas assets in Egypt, Italy and Croatia. Energean announced that the regulatory approvals required by Carlyle were not obtained or waived, according to the terms of the sale and purchase agreement (SPA) signed on 19 June 2024. The company also failed to reach an agreement with Carlyle to extend the long-stop date beyond 20 March 2025. As a result, Energean has opted to terminate the SPA and will not proceed with the transaction. Energean CEO Mathios Rigas said: 'Today, we are announcing the termination of our transaction with Carlyle. This decision was made in the best interests of all our stakeholders including our employees, investors, host governments and partners. These groups rely on clarity of ownership and responsible stewardship to ensure the effective management of our vital oil and gas assets, and we remain fully committed to meeting these expectations. 'While I am disappointed that Carlyle was unable to obtain the necessary approvals in Italy and Egypt under the terms of the SPA, I want to reaffirm that this outcome does not change our strategic direction or our commitment to growth and shareholder returns. Energean remains a strong, diversified oil and gas company, and we are excited to continue building on our successes. 'Italy, Egypt and Croatia will remain core pillars of our operations, and we look forward to driving further investment, development and value creation in all countries. Our commitment to the Mediterranean and the wider region is unwavering, and we will continue to expand our portfolio, support energy security and deliver sustainable growth in the years ahead.' The agreement signed in June 2024 was initially intended to divest Energean's oil and gas assets to an entity controlled by Carlyle. Carlyle plans to establish a new company to pursue additional acquisitions in the Mediterranean region. Energean had announced a $1.2bn final investment decision in July last year for the Katlan development project in Israel. Energean owns and operates the Katlan project, which is expected to commence gas production in the first half of 2027. The Israeli Government approved the development plan in December 2023, and the initial phase of the field is estimated to contain 229 million barrels of oil equivalent. "Energean terminates Carlyle asset sale in Italy, Egypt and Croatia" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
