UK-based gas producer Energean has revised its 2024 production outlook downward and is actively seeking mergers and acquisitions to strengthen output. The announcement came Thursday after the company scrapped a major asset sale deal.
The cancelled transaction involved selling assets in Egypt, Italy, and Croatia to Carlyle Group, but it fell through in March due to prolonged regulatory approval delays in Italy and Egypt.
Energean now expects to produce between 155,000 and 165,000 barrels of oil equivalent per day (kboed), down from its earlier estimate of 160,000 to 175,000 kboed.
CEO Mathios Rigas, confirmed the company is exploring M&A opportunities across Europe, the Middle East, and Africa, alongside internal growth efforts, while maintaining strict capital discipline.
This strategic pivot reflects Energean’s efforts to counter the impact of stalled asset sales and secure future output growth in a competitive energy market.
Energean’s financial outlook remains under pressure, with net debt projected to range between $2.8 billion and $3 billion by the end of 2025.
Despite the setbacks, the company’s market capitalization currently stands at $2.15 billion.
Rigas emphasized that both organic and inorganic avenues are on the table as Energean looks to stabilize and expand its production base.
The company’s ongoing activities span key regions within the EMEA zone, where it aims to leverage opportunities for long-term energy development.