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May 10, 2022

Energean announces new gas discovery in block 12 offshore Israel

The discovery at the Athena exploration well drilling is estimated to hold eight billion cubic metres of natural gas.

UK-based oil and gas producer Energean has made a new gas discovery in block 12, offshore Israel, following the drilling of the Athena exploration well.

Located between the Karish and Tanin fields, the Athena exploration well drilling resulted in the discovery of eight billion cubic metres (bcm) of natural gas.

Energean holds a 100% stake in the Athena exploration well, which was drilled using the Stena IceMAX drillship.

The firm plans to develop the discovery by linking the well to the Energean Power floating production storage and offloading (FPSO) vessel that would also benefit the Karish-Tanin development.

The firm is also considering developing the discovery as part of the Olympus Area development.

Energean CEO Mathios Rigas said: “We are delighted to announce this new gas discovery at Athena and the potential of the wider Olympus Area.

“We are considering a range of strategic commercialisation options, both for a standalone and wider Olympus Area development, including domestic and multiple export routes.”

Energean said that the new gas discovery is particularly significant due to its potential to de-risk an additional 50bcm of ‘mean unrisked prospective resources’, located in Energean’s Olympus Area.

The Olympus Area also includes the undrilled prospects in block 12 and the adjacent Tanin Lease.

Rigas added: “This discovery, and the broader de-risking of a number of prospects in the Olympus Area, reaffirms the role of the East Mediterranean as a global gas exploration hotspot.

“It strengthens our commitment to provide competition and security of supply to the region, enables the optimisation of our Israel portfolio, and fulfils one of our key milestones for 2022.”

The Stena IceMAX drillship has now been moved to drill the Karish Main-04 appraisal well.

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