Oil & Gas

Energean adds more gas to its Israeli pantheon

Energean has added another 13 billion cubic metres of gas offshore Israel at its Zeus exploration well, with one more well to drill.

The company drilled Zeus in Block 12, where it made the Athena discovery in May. Initially it reported Athena held 8 bcm but has now upgraded this contingent resource to 11.75 bcm.

Energean is now considering how to commercialise its finds in the area. Before drilling the well, the company had expected it might hold 10-12 bcm.

The Stena IceMax rig, which drilled the previous wells, will now to Block 23 and carry out the Hercules exploration well, the last in Energean’s current campaign. Hercules is a Miocene gas prospect.

“Following the start of production from our Karish reservoir last week, I am pleased that our drilling programme, which has now delivered five successful wells from five, continues to deliver value, ensuring security of supply and energy competition across the region,” Energean CEO Mathios Rigas said.

The CEO went on to say that development plans for the Olympus area might include new and the company’s existing infrastructure in the region. “We expect to commit to a development concept in 1H 2023”, Rigas said. The company will give an overview of the entire Olympus resource early next year.

Energean began producing from its Karish field in October. Production will ramp up to 6.5 bcm per year, via the Energean Power FPSO, and then may rise further to 8 bcm.

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