Zenith Energy Reports Revenue Decline in 1H2024 Due to Lower Oil Production and Sales in Tunisia

2 min read | December 18, 2024 11:42 PM PST | By Team Kalkine Media

Zenith Energy Reports Revenue Decline in 1H2024 Due to Lower Oil Production and Sales in Tunisia

Revenue and Production Overview

Revenue Decline: Zenith Energy generated revenues of CAD$911k during the first half of 2024, down from CAD$1,362k in the same period last year. This decrease was largely attributed to lower oil production and sales in Tunisia.
Oil Production and Sales: The Company produced 1,471 barrels of oil from its Tunisian assets in 2024, a reduction from 1,789 barrels in 2023. However, no oil was sold during this period, consistent with the prior year.
Electricity Sales Growth: Electricity sales from the Company’s Italian assets showed significant growth, with 5,303 MWh sold in 2024, compared to 4,350 MWh in 2023. This increase highlights Zenith's ongoing efforts to expand its renewable energy portfolio.
Natural Gas Sales Increase: Zenith sold 6,357 mcf of natural gas from its Italian assets, a notable increase from 5,190 mcf in the same period in 2023, underscoring its expanding presence in the natural gas market.
Condensate Sales: The sale of condensate from its Italian assets dropped to zero in 2024, compared to 120 barrels sold in 2023, marking a significant decline in condensate production.

Strategic Focus on Diversification

Zenith Energy continues to focus on expanding its operations across different energy sectors, with a notable shift towards electricity and natural gas, particularly from its Italian assets. While oil production from Tunisia declined, the company’s success in increasing sales of electricity and gas in Italy suggests that its strategy to diversify energy production is beginning to show positive results.

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