Energean finds 13 billion cubic meters of natural gas off Israel's shore

The discovery, alongside the confirmation of more gas in a neighboring well, confirms the value of the “Olympus area.”

 A map of Energean's drilling wells.  (photo credit: ENERGEAN)
A map of Energean's drilling wells.
(photo credit: ENERGEAN)

Energean PLC has announced a new commercial natural gas discovery of 13 billion cubic meters off the shore of Israel as a result of its exploratory drilling well dubbed Zeus-1. It has also confirmed the presence of an additional 3.75 bcm at its Athena site.

These discoveries have confirmed the company’s suspicions that the so-called “Olympus area” located between the Karish and Tanin gas fields are both voluminous and commercially viable.

“Following the start of production from our Karish reservoir last week, I am pleased that our drilling program, 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

Bounty of Israeli gas in Olympus area

The company is now plotting its next steps toward capitalizing on the area’s bounty and expects to update the market on the total resource volumes within the Olympus area, taking into account the uplifted volumes in both Zeus and Athena, in early 2023.

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

“We are evaluating a number of potential commercialization options for the Olympus area that leverage both new and our existing, unique Med-based infrastructure, and we expect to commit to a development concept in 1H 2023,” he said.

 Energean rig at Karish Field (credit: ENERGEAN) Energean rig at Karish Field (credit: ENERGEAN)
Future drilling sites off Israel's coast

In addition, Energean has moved its Stena IceMax drilling rig in order to begin drilling at its Hercules drilling site, the final well in its 2022 drilling campaign.