The CEO of oil and gas producer Energean has informed media outlets that the company is spending approximately $10 million per month to maintain its suspended offshore operations in Israel on standby. Should hostilities with Iran extend beyond May, the launch of its over $1 billion Katlan project could be postponed. Mathios Rigas stated that the suspension of operations resulted entirely from government safety decisions, following attacks by the U.S. and Israel on Iran that escalated tensions across the Gulf region. Rigas clarified, "This is not a loss of revenue, but a deferral of revenue," adding that the company holds more than $300 million in liquid funds. Prior to the shutdown, Energean was producing 15,000 barrels of oil per day along with natural gas. Following facility upgrades, daily output upon resumption is expected to reach 20,000 barrels, which will help offset the deferred revenue. Rigas indicated that the Katlan project, discovered by Energean in 2022 near two other assets offshore Israel and scheduled to start in May, will be delayed if the conflict persists beyond that date. However, an earlier end to the war would not significantly impact the timeline. Egyptian arrears are projected to decrease. Rigas estimates that regional supply constraints and domestic natural gas shortages in Egypt mean that Egypt, Israel, Jordan, and neighboring countries require over 100 billion cubic meters of natural gas annually. Energean has secured capacity to supply 1 billion cubic meters of gas per year from Israel to Egypt via a planned pipeline, which remains considerably cheaper than importing liquefied natural gas. Although Egypt is crucial to Energean's growth, the country also presents payment challenges. Outstanding receivables previously reached $250 million, but Cairo recently made an $80 million payment. Rigas remarked, "In difficult times, you stand by your partners," urging policymakers to ensure stable payment schedules. "Pay, baby, pay. That’s it." Rigas stated that if the Egyptian government honors its commitment to pay $125 million by mid-April, the outstanding balance owed by Egypt should drop to between $60 million and $70 million. Egypt has expressed its intention to settle all debts owed to foreign oil companies by June. To optimize its asset portfolio in Egypt, Energean aims to consolidate three concession blocks—Abu Qir, Northeast Almreya, and North Idku—by the end of June. Beyond the Mediterranean, Energean recently acquired a stake in an offshore oil field in Angola operated by Chevron. While emphasizing the importance of geographic diversification, Rigas cautioned against aggressive expansion during periods of high commodity prices, noting that the current environment is "not the right cycle for mergers and acquisitions."