Energean announced it has completed increasing its offshore oil production in Israeli territory to 31,000 barrels per day, the company said. The higher oil prices are boosting revenues, adding a new revenue stream for Israel beyond natural gas. Research firm GeoPlanet had predicted this development in 2023.
Energean, an oil and gas exploration and production company operating offshore Israel, announced Wednesday that it has completed the expansion of its offshore oil production to 31,000 barrels per day. The company said the increase capitalizes on high global oil prices, significantly boosting revenues. The development adds a new dimension to Israel's energy sector, which has been dominated by natural gas exports. GeoPlanet, an Israeli research firm, had predicted the production increase in 2023, according to the announcement. The expansion is expected to further enhance Israel's energy independence and export capabilities. No further details on the timeline or specific platform were provided.
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