Energean announces gas discovery in Block 12, Israel

Energean announces gas discovery in Block 12, Israel

11 May 2022

Energean has disclosed a new gas discovery in Block 12, offshore Israel. According to preliminary data, the Athena exploration well holds 8 billion cubic metres (bcm) of natural gas and a gross hydrocarbon column of 156 metres in the primary target.

In the near term, the field can either be developed via a tie-back to the Energean Power FPSO or it may go on to form part of a larger new development known as the Olympus Area.

Further studies are supposed to be carried out in order to better define the discovery’s potential and contents.

Commercialisation options include agreeing to new gas sales and purchase agreements (GSPAs) within the domestic market, spot sales, or exporting via pipeline or through LNG via Egypt or Cyprus.

Activities for Athena’s drilling were 51 days long, with costs staying below US$35m. In a water depth of 1,769 metres, this was Energean’s fifth successful drill in Israel.

For more information please visit EICDataStream.

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