Mediterranean-focused oil and gas producer Energean (ENOG.L), opens new tab forecast higher 2024 production on Thursday after profit more than doubled last year. The London- and Israel-listed company expects 2024 production to be between 155 and 175 kilo barrels of oil equivalent per day (kboed), up from 123 kboed in 2023.

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The forecast is "primarily driven by Energean's gas demand outlook for 2024 in Israel, which has been influenced by the coal phase-out delays and warmer than average winter temperatures so far," the company said in a statement.

Energean, with operations in eight countries across the Mediterranean and the UK North Sea, said its day-to-day operations in Israel continued to be unaffected by the ongoing conflict in the region.

The company's adjusted EBITDAX (earnings before interest, tax, depreciation, amortisation and exploration), a profit metric used by oil and gas companies, came in at $925 million for the year ended Dec. 31, compared with $422 million a year earlier.