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Gas producer Energean posted a higher first-half profit on Wednesday, helped by a rise in production due to strong summer demand in Israel.
Energean, whose main production comes from a gas facility offshore Israel, is looking to expand to the wider Europe, Middle East and Africa regions, particularly where there is long-term policy support for gas and displacement of coal.
The company said production for the reported period rose to 146 thousand barrels of oil equivalent (kboepd), from last year's s 106 kboepd, with the Karish and Karish North fields in Israel contributing more than 70% of total output.
Energean aims to double its production in the coming years, primarily through development of new prospects in Israel including the Katlan field.
The company reported a profit after tax of $89 million, or 48 cents per share, for the six-months ended June 30, from $70 million, or 39 cents per share it posted last year.
(Reporting by Arunima Kumar in Bengaluru; Editing by Rashmi Aich)