Filenews 6 October 2022
A new discovery of a commercially exploitable natural gas field in the Israeli Sea was announced by Energean with the research drilling "Hermes".
According to the first estimates, the new deposit contains 7-15 billion cubic meters (bcm) of usable 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 to export to Cyprus by liquefaction in a plant that will be installed in Vasilikos, or for export to Egypt, through existing upgraded or new pipelines for liquefaction in the existing terminals of the country.
According to Enegrean, the discovery results in the reduction of risk in the neighbouring structures "Neptune" and "Orpheus" which are attractive future targets to be confirmed. The Stena IceMax ship drilling rig has now been moved to Block 12 in the "Olympus Area" to carry out drilling at the "Zeus" structure. This structure is estimated to contain between 10 billion and 12 billion. cubic metres of potential natural gas resources and will help Energean gather additional data to further assess the total resources in the "Olympus Region", estimated at 58 billion cubic metres of recoverable natural gas.
In addition, Energean has exercised its right to carry out one more drilling, as part of the current drilling program. This drilling is expected to take place at the "Hercules" target located in Block 23 in the Israeli Sea.
Source: ANA - MPA
