New natural gas discovery by Energean in Israel

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A new gas discovery, on the 4th in the sea of ​​IsraelEnergean announced on Monday morning on the London and Tel Aviv stock exchanges. This is the commercially exploitable gas field “Zeus” in Block 12 which is estimated at 13.3 billion cubic meters (bcm) of exploitable natural gas, that is, it is greater than the initial estimates of 10 – 12 bcm. Energean is now analyzing the data collected from the well.

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As stated by the company, the new quantities natural gas in Israel it is possible to use them either to increase Energean’s sales in the domestic market, or for export to Cyprus and with the prospect of liquefaction in a unit to be installed in Vasiliko, as well as for export to Egypt, through existing upgraded or new pipelines and liquefaction at the country’s existing terminals.

Mathios Rigas, CEO of the Energean group, said: “A few days after the start of production from the Karish field, I am very pleased that our drilling program, which is now characterized by 5 out of 5 successful drillings, continues to adds value to Energean, enhancing security of supply and competition in the region’s energy market. We are now evaluating a number of potential commercial development options for the Olympus Region focusing on both our existing and unique Mediterranean infrastructure, as well as potential new ones. In the first half of 2023, we are expected to proceed with a new binding development program.”

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Independent assessor DeGolyer & MacNaughton (D&M) certified Energean with potential reserves of 11.75 bcm in the Athena field, upgrading Energean’s previous estimate of 8 bcm, following studies based on data gathered by during the drilling process, according to the Athens News Agency.

The discovery of the “Zeus” field and the upgrade of the “Athina” field give Energean more certainty about the quantities of natural gas and the marketability of the Olympus Area and, now, the company is moving forward with its development plan. Energean is expected to proceed with the final update on the total quantities of the Olympus Area in early 2023, based on the special report prepared by D&M.

It is noted that the Stena IceMax drilling rig has now moved to Block 23 offshore Israelin order to proceed with the drilling of the “Heracles” structure.

Source: News Beast

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