"Following the payment of the tax on energy extra-profits, Energean Italy demands immediate corrective action from the government. If Italy is no longer able to provide sufficient guarantees for the stable continuation of our business, Energean Italy will not be able to guarantee its commitment to the country, especially to any additional investment". These are the words of Mathios Rigas, CEO of the London-based company (where it is listed, as well as in Tel Aviv), founded in 2007 and active in oil and gas exploration and extraction, announcing his intention to disinvest in Italy. "The extra-profits tax was paid in November and June," the company's Country Manager for Italy, Gaetano Annunziata, confirms to the newspaper Il Sole 24 Ore, "for a total value of well over 100 million euros. Added to the rest of the taxes due, that is another 100 million euros, it absorbed 93 percent of the cash flow generated in 2022". Energean arrived in Italy in 2020, acquiring Edison's oil & gas business: it extracts gas and oil from the Italian subsurface through 47 mining concessions and 3 onshore and offshore exploration permits, many in partnership with Eni. In 2022, thanks to facilities in the Adriatic Sea off Sicily and in Marche, Abruzzo, Molise, Puglia and Basilicata, Energean participated in 8 percent of domestic gas production, third in the country after Eni and Shell, with 6.9 billion cubic meters of reserves. It is also the fifth largest oil producer in Italy.
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