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