Eastern Mediterranean-focused gas producer Energean on Thursday suspended its 2026 outlook for Israel, citing the ongoing Middle East conflict that has forced the shutdown of its production vessel serving multiple Israeli fields.
Growing regional tensions have triggered precautionary shutdowns of key oil and gas facilities across the Middle East, including Qatar's LNG operations, Israeli offshore fields and production sites in Iraqi Kurdistan.
Energean said it would assess the impact on its 2026 production forecast once the duration and full effect of the shutdown are clear, adding that it started 2026 on a strong note.
Its Israeli gas fields and the production vessel serving them have been shut down twice over the past year.
The company, which operates natural gas and oil assets across Israel, Greece, the UK and other Mediterranean regions, has been increasing investments and exploring deals to lift production and expand operations amid geopolitical disruptions.
Its shares fell as much as 3.5 per cent, but recouped losses to trade up 0.3 per cent at 8:48 GMT.
The Israeli Energy Ministry ordered partial, temporary closures in February of the country's gas reservoirs, in line with security assessments.
"We are in close and continuous communication with the authorities to ensure that operations can be safely restarted as soon as conditions allow," CEO Mathios Rigas said in a statement.
Average working-interest production at the end of February stood at 155 thousand barrels of oil equivalent per day (kboed), Energean said on Thursday, including 118 kboed from Israel and in line with the 145 to 155 kboed guidance for 2026 issued in January.
The company also reported adjusted core profit of $1.12 billion for the 12 months ended December 31, down from $1.16 billion a year earlier. Its production from Israel averaged 113 kboed for 2025, up one per cent year-on-year, while total production stood at 154 kboed.
(Reporting by Nithyashree R B in Bengaluru; Editing by Sherry Jacob-Phillips and Pooja Desai)