Energean Oil & Gas will now focus its Israeli exploration activities on the Karish, Tanin and Block 12 fields in an effort to boost its certified natural gas and liquid hydrocarbon reserves.
Following yesterday’s announcements by the Greek company, according to which an independent Competent Persons Report by DeGolyer and MacNaughton certifies 98.2 Bcm (3.5 Tcf) of gas and 99.6 million barrels of liquids (MMbbls) at the Karish, Karish North and Tanin offshore fields of Israel, the exploration program will restart in 2022 for a boost of reserves through the Karish, Tanin and Block 12 licenses. Energean plans to stage its next drilling efforts in two years.
Estimates indicate 62 billion cubic meters of natural gas and 33.4 million barrels of liquid hydrocarbons, representing 431 million barrels of oil equivalent.
Energean will also focus on Block 12 targets – named after the Greek gods Zeus, Hera, Apollo, Athena and Hestia – estimated to carry prospective gas reserves measuring 32.7 billion cubic meters, more than half the overall 62 billion cubic meters.
Discovery of these prospective reserves is expected to further reinforce the Greek company’s standing on the southeast Mediterranean energy map.