Energean Oil and Gas has made a significant gas discovery by drilling the Karish North exploration well at North Karish offshore gas field in Israel.

The new discovery is estimated to host between 28 and 42 billion cubic metres (Bcm) of natural gas.

The well reached an intermediate total depth of 4,880m and encountered a gross hydrocarbon column of up to 249m. The drilling campaign was carried out using the Stena DrillMAX, a sixth generation drillship.

Energean will now carry out further evaluation of the discovery to define its resource potential and identify the liquids content. The company now aims to deepen the Karish North well to explore the hydrocarbon potential at the D4 horizon.

“We are delighted to be announcing this significant new gas discovery at Karish North, which further demonstrates the attractiveness of our acreage offshore Israel.”

Once the Karish North campaign is complete, the Stena DrillMAX will relocate to drill the three Karish Main development wells.

Energean CEO Mathios Rigas said: “We are delighted to be announcing this significant new gas discovery at Karish North, which further demonstrates the attractiveness of our acreage offshore Israel.”

The company has planned to commercialise the Karish North discovery through a tie-back to the Energean Power FPSO, located around 5.4km from the Karish North well. The FPSO is capable of processing and exporting 8Bcm/year of gas (775mmcf/d).

In December 2018, Energean signed a contract with IPM Beer Tuvia to deliver an estimated 5.5Bcm (0.2Tcf) of gas over the life of the contract, contingent to the results of the company’s 2019 drilling programme.

With the latest discovery, the contract may be converted into a firm contract.