Energean finds 13 billion cubic meters of gas off Israel

By Ahmed Asmar
ANKARA (AA) – Gas and oil drilling company Energean announced on Monday a major gas discovery off the coast of Israel.

The company said the new discovery includes 13 billion cubic meters off gas in the Zeus exploration well, according to The Jerusalem Post newspaper.

“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,” Mathios Rigas, CEO of Energean, said.

“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.

The company says that the Olympus area, located between the Karish and Tanin gas fields, is rich of gas and commercially viable.

The gas discovery came days after Israel and Lebanon signed a US-mediated deal to demarcate their maritime border last month, which allowed both Tel Aviv and Beirut to conduct drilling activities in their exclusive economic zones.