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Two more substantial quantities of natural gas found in Israel's reservoirs near Lebanese border

Tapping into the existing quantities in the area happened a mere week after U.S.-mediated deal to set maritime border between Lebanon and Israel

Energean's floating production unit, FPSO, is seen offshore Israel in the eastern Mediterranean, June 10, 2022. (Photo: Energean/Handout via REUTERS)

The London-based Greek energy conglomerate Energean, which began natural gas production last week at Israel’s Karish field, reported on Monday the discovery of two other substantial quantities of natural gas in reservoirs off Israel’s shores. 

The firm reported finding an estimated 13 billion cubic meters of natural gas in the Zeus-1 exploration well and an additional 3.75 billion cubic meters of natural gas in the adjacent Athena exploration area, between the Karish and Tanin natural gas reservoirs. 

Energean has labeled the zone “the Olympus area,” reportedly believing it to be rich with commercially viable deposits of natural gas. 

“I am pleased that our drilling program, which has now delivered five successful wells from five [per Stena Drilling’s 2022-2023 growth drilling program], continues to deliver value, ensuring security of supply and energy competition across the region,” said Energean CEO Mathios Rigas.

Tapping into the quantities present in the Zeus and Athena reservoirs happened a mere week after a U.S.-mediated deal to demarcate the maritime borders of Lebanon and Israel. The deal was signed amid provocations from the Lebanon-based Hezbollah terrorist group, which threatened to attack Israel’s gas fields.

Energean said it will report to the market an updated assessment of the reservoirs’ volumes in early 2023, with the CEO saying the company expects “to commit to a development concept” in the first half of the year. 

“We are evaluating a number of potential commercialization options for the Olympus area that leverage both new and our existing, unique Med-based infrastructure,” he said.

Energean so far has discovered several medium-sized natural gas reservoirs in Israel’s territorial waters in the Mediterranean Sea, amounting to over 100 billion cubic meters, and the company has moved its Stena IceMax drilling rig to the Hercules drilling site for further exploration. 

The All Israel News Staff is a team of journalists in Israel.

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