Energean announced the discovery of a commercially exploitable natural gas field, measuring 8 billion cubic meters in a water depth of 1769 meters in the Israeli sea.
The discovery was made with the research drilling “Athena” in a new area that the company has named “Olympus Area”.
Energean announced that it is evaluating all development prospects for the commercial development of the wider “Olympus Area”, such as further sales of natural gas in the Israeli market, or exports to Egypt and other regional and European markets through pipelines and LNG through Cyprus or / and Egypt.
Mathios Rigas, CEO of the Energean group, stated in this regard:
We are happy to announce this new discovery of natural gas in “Athena” and the potential of the wider “Olympus Area”. , which include the Israeli domestic market and exports.
The discovery of “Athena” and the elimination of risk for a number of targets in the wider “Olympus Region” confirms the role of the Eastern Mediterranean as a center of global interest in gas exploration. In addition, it strengthens our commitment to competition and enhance security in the region ‘s gas supply, optimizes our portfolio in Israel and implements one of Energean’ s milestones for 2022 “.
Source: Capital
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