As Energean announced on Monday morning to the London and Tel Aviv stock exchanges, the 13 billion bcm is higher than initial estimates of 10-12 billion bcm.
THE Energean PLC announced on Monday the discovery of 13 billion cubic meters (bcm) of natural gas in the commercially exploitable Zeus gas field off the coast of Israel.
As Energean announced on Monday morning to the London and Tel Aviv stock exchanges, the 13 billion bcm is higher than initial estimates of 10-12 billion bcm. Energean is now analyzing the data collected from the well.
As stated by the company, the new quantities of natural gas in Israel can be used 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 Vassiliko 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 starting production from the Karish field, I am particularly pleased that our drilling program, now characterized by 5 out of 5 successful wells, continues to add 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.”
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.
The discovery of the Zeus field and the upgrade of the Athena field give Energean greater certainty about the natural gas quantities and marketability of the Olympus Area offshore Israel, and the company is now 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 in the Sea of ​​Israel, in order to proceed with drilling the “Heracles” structure.
RES-EMP
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