Energean will launch a two-well drilling campaign in June 2026 at its onshore East Bir El Nus concession in Egypt’s Western Desert, as the company accelerates its strategy of growing its Egyptian portfolio and expanding into West Africa — in each case targeting underdeveloped discoveries that larger operators have passed over.
The East Bir El Nus concession is operated by Energean with a 50% working interest in partnership with Croatia’s INA, under an exploration agreement combining 2D and 3D seismic acquisition with at least two exploration wells. Across its Egyptian portfolio, the company has identified approximately 3 trillion cubic feet of gas resources — a figure that underpins its confidence in Egypt as a multi-year growth platform.
“We are very comfortable operating onshore. We are driven by the resource — where the best rock is, that is where we go,” said CEO Mathios Rigas. “What matters is the rock. If the resource is there, we can solve the above-ground challenges through trust and partnership.”
Angola Provides the Next Growth Leg
Beyond Egypt, Energean is advancing in West Africa following its acquisition of a stake in Angola’s Block 14 from Chevron in March 2026 for $260 million. The asset currently produces around 42,000 barrels per day and is intended to serve as a cash-generating base for further regional expansion. “Block 14 is too small for Chevron but the right size for us,” Rigas said. “It fits perfectly into our strategy of adding selective oil production while remaining a predominantly gas-focused company.”
Rigas pointed to the company’s Karish gas field in Israel as the model it intends to replicate in Africa — a development executed independently, with the company drilling its own wells, commissioning its own FPSO, signing gas contracts, and bringing the field onstream in record time. “Undeveloped discoveries, especially those too small for majors, are where independent operators like Energean can create value,” he said.
Source: prospect-intel.com