The CEO's blog, 31/12/2020

Crucial lessons from a year the world would rather forget but nevertheless another successful year for Energean

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Dear Energizers,

 

 

 

 

In my year end communication to all of you, I look back on the difficult times we have all faced in 2020, the lessons that we can learn from them and reflect on another successful year for Energean thanks to all of you.

 

Despite the unprecedented difficulties of 2020, we have achieved a great deal during the year.

  • We completed the acquisition of Edison E&P expanding the Energean family with new colleagues from Italy, Egypt, Croatia and the UK.  Once again, I want to extend a very warm welcome to everyone and look forward to working as one team in 2021.
  • We progressed the Karish development - now approximately 90% complete, thanks to the great efforts of our technical team that managed to overcome every challenge imposed by COVID around the areas of operation.
  • We signed new gas contracts to almost fill the Energean Power FPSO, thanks to our Commercial and Israeli team that has exceeded all expectations.
  • We signed only yesterday an agreement to purchase the 30% stake of Kerogen in Energean Israel.  A $400 million deal that was executed seamlessly thanks to the unparallel commitment of our Finance and Legal teams.
  • We have now increased our reserve and resource base to more than 1 billion barrels of oil equivalent with a clear focus on natural gas moving towards a production target of 200,000 boe/d 

 

  • We decreased substantially our carbon emissions and progress towards our goal of becoming a net zero emitter by 2050 implementing an industry leading ESG strategy that has been recognised by 2020 awards such as the “Best ESG Energy Growth Strategy in Europe” by CFI and “Best Energy Transition Strategy” by the Petroleum Economist.
  • We operated responsibly, achieving major milestones in health, safety and environmental issues, thanks to our HSE team.
  • We stood by our colleagues that where isolated during lockdowns and initiatives such as our training and cooking sessions online kept us together when we couldn’t meet in person. I assure you that you can count on Energean, not only as employees but as individuals along with your families.

It took a tremendous effort by all of you to be able to achieve these milestones despite the global pandemic and I want to thank you all for your commitment. 

Looking forward to 2021, as I said at the recent town hall, we have a series of 10 key business targets in addition to first gas from Karish, which should progress our ambition to be the leading E&P company in the Mediterranean. These are:

    1. The Glengorm appraisal well in the UK North Sea
    2. The Epsilon development in Greece
    3. The NEA/NI development in Egypt
    4. The Cassiopea development in Italy
    5. The Montenegro exploration well
    6. The 5 new deepwater wells in Israel in 2022
    7. The Karish North development in Israel
    8. To Minimize decommissioning costs
    9. To Replace produced reserves & continue growth
    10. To Focus on Carbon Capture & Storage and Energy Efficiency projects 

I want all of you to continue to work hard to achieve our goals and deliver on our promises to our stakeholders.

Although 2020 may seem like a year to forget, many of its lessons are worth remembering: the importance of resolve, resilience and community – and the responsibility that every business has to provide a benefit to society as well as a return to investors.  With that in mind, now more than ever, we should abide by the Energean “Ethos”. As Energean grows, my aspiration is for all of you to continue to feel part of the Energean Family: to be included, to be respected and treated fairly, to have the right to voice your opinion without being afraid and to have the opportunity to grow in the organization based on your performance, commitment and results and not your gender, sexual preference, race or religion. 

Energean's priority will always be to ensure that these values continue to be central to our culture, as well as our everyday operations and personal lives. I am certain that Energean will have another successful year in 2021 but more importantly that it will be a better year for the entire globe.

Wishing you all a Safe, Prosperous and Happy New Year

 

 

Mathios