Energean CEO: We want to put innovation into energy

Published date31 May 2023
AuthorAssaf Uni
Publication titleGlobes (Rishon LeZion, Israel)
The British-Greek company, which is traded on the London Stock Exchange and the Tel Aviv Stock Exchange has the production rights for the Karish, Tanin and Olympus, Israeli offshore gas fields. Rigas founded the company, which mainly works in the Eastern Mediterranean, in 2007. The company currently has a market cap of £2 billion

Energean purchased the rights of the Karish and Tanin gas fields following the government's gas outline plan to increase competition in Israel's natural gas production sector and reduce the price that businesses and households pay for natural gas. Energean bid the lowest price, signed a long-term gas supply contract and is considered responsible for lowering prices for Israeli consumers.

Zero net emissions

Rigas pointed out that Israeli innovation can serve, "To push the industry forward to the vision of zero net emissions. We want to examine solutions on how to make the technology involved in our businesses safer and more successful. Of course, our aim is to generate profits for our shareholders, but we must also support our approach to being a reliable and responsible energy supplier."

In his remarks, Rigas referred to the issue of climate change and spoke of "huge investments" by the global oil and gas industry to support the development of renewable energies and reduce the carbon footprint of the oil and gas companies, which are responsible for supplying fossil fuels that release billions of tons of carbon dioxide into the atmosphere every year. "When I sat down and talked with my son and his friends, all in their 20s, I asked them what the most pressing problem in the world today was, and the almost unanimous answer was the climate crisis," he said.

He added that Energean announced in December 2021 that it would become a company that releases zero greenhouse gases in the future, a vision he said that "I don't know exactly how we will achieve it - but I'm sure we have to work...

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