Energean is an East Med gas pure-play whose cash engine is the Energean Power FPSO offshore Israel, producing from Karish, Karish North and Tanin and supplying Israel's domestic market plus regional exports (Egypt/Jordan) under long-term, floor-protected gas contracts. FY2025 revenue held at ~$1.73bn with EBITDA of ~$1.12bn, but the group posted a net loss of ~-$0.26bn on high financing costs and FX, while free cash flow stayed positive at ~$0.4bn.
The 2024 agreement to sell most of its Mediterranean portfolio (Egypt and Italy/Adriatic assets) to Carlyle's new E&P vehicle refocuses Energean on Israel and helps deleverage a stretched balance sheet (net debt ~$3.4bn). The investment case rests on the sector-leading ~12% dividend yield and the FID'd Katlan/Olympus growth project expanding Israeli gas capacity, set against elevated single-country/security risk and completion risk on the Carlyle disposal.
Its EV/EBITDA of 4.5x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 10.7% is higher than the 6.5% median, and at $5.08/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, Energean scores 60/100, strongest on growth (90/100). Sub-scores: value 79, quality 56, growth 90, risk 73 (higher = riskier).
Energean holds approximately 0.99 billion boe of proved (1P) reserves with FY2025 production of about 154 thousand boe/d (15% liquids), a reserve life of roughly 17.6 years. Break-even: ~$30 (gas-linked breakeven) — Israeli gas is sold under long-term, mostly take-or-pay contracts with price floors and Brent/inflation indexation, so cash flow is largely decoupled from spot oil. Low-cost FPSO output keeps the group cash breakeven modest (~$30/boe equivalent), though heavy interest and growth capex raise the sustaining level.
For Energean, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Israel | 70% | 39 | OECD but conflict-exposed; gas export/security constraints. |
| Egypt | 15% | 84 | FX shortages, arrears to IOCs, gas payment delays. |
| Italy | 10% | 17 | Stable EU; permitting delays, limited upstream. |
| Other | 5% | 50 | diversified/unspecified exposure — universe-average proxy |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Karish | Israel | Gas/FPSO | Core producing field feeding the Energean Power FPSO; gas to Israel domestic market and regional export |
| Karish North | Israel | Gas/condensate | Second phase tie-back adding capacity and liquids to the FPSO |
| Tanin | Israel | Gas | Development tied back to the Energean Power FPSO, extending plateau |
| Katlan (Olympus area) | Israel | Gas | FID'd growth hub; new subsea development and expanded evacuation for Israeli gas |
| Abu Qir | Egypt | Gas | Producing offshore concession; part of the agreed Carlyle disposal package |
| Cassiopea / Adriatic | Italy | Gas | Producing Mediterranean gas assets; part of the Carlyle disposal |
| Prinos / Epsilon | Greece | Oil | Legacy North Aegean offshore oil; small, mature |
| NEA / NI, Egypt gas | Egypt | Gas | Producing Egyptian gas interests included in the Carlyle sale |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 41 | 42 | 120 | 152 | 154 |
| Proved reserves (bnboe) | 0.63 | 0.62 | 0.64 | 0.61 | 0.99 |
| Revenue ($bn) | 0.5 | 0.7 | 1.0 | 1.8 | 1.8 |
| EBITDA ($bn) | 0.2 | 0.4 | 0.6 | 1.1 | 1.1 |
| Net income ($bn) | -0.1 | 0.0 | 0.2 | 0.1 | -0.3 |
| Free cash flow ($bn) | -0.3 | -0.1 | 0.2 | 0.5 | 0.2 |
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✓ FY2025 figures verified against primary sources:
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