Energean announced a new discovery of a commercially exploitable natural gas field off the coast of ​​Israel by the “Hermes” exploration well.

According to preliminary 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, for exports to Cyprus with liquefaction in a unit to be installed in Vassilikos or for exports to Egypt through existing upgraded or new pipelines for liquefaction in the country’s existing terminals.

According to Enegrean, the discovery results in reducing the risk in nearby “Poseidon” and “Orpheus” structures, which are attractive future targets to fully assess the potential of the area. 

The Stena IceMax drillship has now moved to Block 12 in the “Olympus Area” to drill the “Zeus” structure. The specific structure is estimated to contain 10 to 12 billion cubic meters of potential natural gas resources and will help Energean collect additional data to further evaluate the total resources in the “Olympus Area”, which are estimated at 58 billion cubic meters of recoverable natural 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.

Source: APA MPA

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