According to Energean’s first estimates, the new field contains 7 – 15 billion cubic meters (bcm) of exploitable natural gas.
A new discovery of a commercially exploitable natural gas field in the sea of Israel was announced by Energean with the “Mercury” research well.
According to the first estimates, the new field contains 7 – 15 billion cubic meters (bcm) of exploitable natural gas.
As the company points out, the new quantities of natural gas can be used either to increase Energean’s sales in the domestic market, or for export to Cyprus with liquefaction in a unit to be installed in Vassiliko, or for export to Egypt , through existing upgraded or new pipelines for liquefaction in the country’s existing terminals.
According to Enegrean the discovery has the effect of reducing the risk in the neighboring structures “Poseidon” and “Orpheus” which are attractive future targets for confirmation.
The Stena IceMax drilling rig has now moved to Block 12 in the ‘Olympus Area’ to drill the ‘Zeus’ structure. This structure is estimated to contain 10 to 12 billion cubic meters of potential natural gas resources and will help Energean gather additional data to further evaluate the total resources in the “Olympus Area”, which are estimated at 58 billion cubic meters of recoverable natural gas gas.
In addition, Energean has exercised its right to drill one more well as part of the current drilling program. The specific drilling is expected to take place at the “Heracles” target located in Block 23 in the Sea of Israel.
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