Latest news with #Energean
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.
Yahoo
15-05-2025
- Business
- Yahoo
Chariot regains 75% interest in two Moroccan offshore licences
Chariot, the Africa-focused transitional energy group, has regained operatorship and a 75% working interest in the Lixus Offshore and Rissana Offshore licences in Morocco. This development comes after Energean completed the transfer of its subsidiary, which held a 45% and 37.5% interest in the respective licences. The Anchois gas field, situated within the Lixus Offshore licence, has seen three wells drilled to date. The completion of the Anchois-3 well in September 2024 did not yield the additional volumes anticipated for the expansion of the Anchois development. However, the appraisal revealed multiple high-quality gas-bearing reservoirs. With the operatorship now restored, Chariot is set to advance the licence work programmes in collaboration with ONHYM, the national hydrocarbons and mines office of Morocco, which retains a 25% stake. The partnership will re-evaluate and adjust the Anchois development plan in line with the resources discovered. Chariot CEO Adonis Pouroulis said: 'We are pleased to have completed the transfer of these licences and regained operatorship as we see material value within our diversified Moroccan position, both offshore and onshore. The Anchois gas discovery still offers the potential for a rescaled development and our next steps are to scope this based on the core resources found in the three wells underpinned by our previous work on engineering design, environmental and regulatory approvals, project financing and gas sales. 'Gas market fundamentals in Morocco are robust with strong gas demand and excellent fiscal terms and we will look to work with all stakeholders, including our partner ONHYM and the Ministry of Energy Transition and Sustainable Development, to advance these important domestic projects.' Chariot's commitment extends to exploring the further potential of the Lixus and Rissana licence areas, with updates to be provided as progress is made. Additionally, Energean has terminated its divestment agreement with Carlyle International Energy Partners. The cancellation, announced in March, was due to unmet regulatory approvals in Italy and Egypt. The initial deal, which included Energean's assets in Egypt, Italy and Croatia, was valued at up to $945m (£729.33m). According to Energean, the necessary regulatory approvals outlined in the sale and purchase agreement, signed on 19 June 2024, were not obtained or waived, leading to the termination of the agreement. "Chariot regains 75% interest in two Moroccan offshore licences" 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.
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
12-05-2025
- Business
- Zawya
Invest in African Energy (IAE) 2025: Exploring Global Partnerships to Unlock Africa's Energy Potential
The Invest in African Energy (IAE) 2025 forum in Paris will host a high-level panel discussion on "The Future of Global Energy Partnerships: Seizing Africa's Untapped Market Opportunities", sponsored by Energean. Bringing together African energy ministers, CEOs and leading energy executives, the session will explore how shifting global dynamics are reshaping cross-border collaboration and investment strategies in Africa's energy sector. The panel will be moderated by NJ Ayuk, Executive Chairman of the African Energy Chamber, and will feature: Bruno Jean-Richard Itoua, Minister of Hydrocarbons, Republic of Congo; Maggy Shino, Petroleum Commissioner, Minister of Mines and Energy, Namibia; Mathios Rigas, CEO, Energean; and Marco Villa, Chief Business Officer, Technip Energies. 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@ As international players from the Middle East and BRIC nations expand their global energy footprint, Africa is becoming an increasingly vital partner in advancing shared goals around energy security, industrial growth and sustainable development. Countries like the Republic of Congo, Gabon and Nigeria are at the center of this momentum, offering a diverse mix of upstream and midstream assets, growing domestic demand and a clear push for value-added investment in petrochemicals and infrastructure. This panel will examine how strategic partnerships – whether through equity participation, joint ventures or technical collaboration – are unlocking opportunities across Africa's oil, gas, power and petrochemical sectors, while also helping to close investment and capacity gaps. The session will provide firsthand insights from the policymakers and executives driving these initiatives, highlighting how countries are positioning themselves to attract capital and what international players consider bankable, high-value opportunities. From gas monetization strategies in Nigeria to integrated development plans in Congo and downstream expansion in Gabon, the discussion will explore the key factors fueling global investment interest in Africa's energy landscape. 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.
