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Energean Oil Output Drops in Q1 Over Iran War Disruption to Israel Ops

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London-listed Energean produced 21% less oil in Q1 due to government orders to suspend work in Israel due to the Iran war, it said on Wednesday.

Output fell to 114,000 barrels of oil equivalent per day on average down from 145,000 boe/d in Q1, 2025, Energean's earnings statement said.

Following a restart in Israel, after the Feb. 28 to April 9 interruption, production has returned to normal levels of 152,000 boe/d, including 116,000 boe/d in Israel.

Production guidance across the group for 2026 is 130,000 to 140,000 boe/d, reduced from 140,000 to 150,000 boe/d previously, including Israel outlook reduction to 98,000 to 104,000 boe/d, down from 108,000 to 114,000 boe/d.

The company expects second oil train commissioning by late May increasing liquids production to 20,000 barrels per day from 13,000 bbl/d, the statement said.

Energean said it is on track to receive all necessary warrants to take up a presence in Angola after its acquisition of Chevron's (CVX) 31% operated interest in oil Block 14 and 15.5% non-operated interest in Block 14K.

The company says the acquisition is a first step to expanding its presence in West Africa.

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