Israel: Energean Bags More Reserves, But More Needed

Greek firm Energean’s cut-price development of its Israel assets is working so far. But more drilling success is needed.

Greek firm Energean on 15 April announced the discovery of 1-1.5tcf (28-42bcm) gas in place at the Karish North field, the first discovery offshore Israel since the Karish main field was discovered in 2013. The well, spudded by the Stena DrillMAX on 15 March, was drilled to a total depth of 4,880ms in 1,790ms water depth.

Energy Minister Yuval Steinitz, in seeming post-election hyperbole, hailed the discovery stating that he is “sure that further discoveries will follow – and turn the State of Israel into a regional gas hub.”

Energean estimates that around 70% of reserves will prove recoverable. Added to the 2.4tcf of 2P/2C reserves at the ‘Karish main’ and Tanin fields this takes the total recoverable resource from the firm’s Israel discoveries to somewhat north of 3tcf, or around 90bcm. (CONTINUED - 670 WORDS)