Energean is moving ahead with its exploration and development program both in Israel and in other Mediterranean markets following the commencement of production at its Karish field, offshore Israel, and positive results from the neighboring “Zeus” and “Hermes” wells.

Energean has reported significant developments regarding the installation of a second processing line at its Karish North field, which promises to upgrade production to 8 billion cubic meters and 32,000 barrels of oil in total. The upgrades are expected to be completed by the end of 2023.

Along with its first-half results, the company has noted its next step is first gas production from the NEA/NI license in Egypt. Subsea installations have been completed and gas production is expected to commence by the end of this year.

Meanwhile, Energean plans to conduct four more drilling efforts at its Abu Qir licence, also in Egypt, in 2023 and 2024.

As for its offshore Cassiopea license in Italy’s Strait of Sicily, Energean plans to begin gas production in the first half of 2024 with an objective to boost its production in Italy from 9,300 bpd at present to 20,000 bpd.

Energean has made two important discoveries at its Athena and Zeus offshore Israel licenses, both west of Karish. The Athena field has been certified, by an independent appraiser, as having potential reserves (2C) of 11.75 bcm of natural gas, while, two weeks ago, an initial estimate of 13.3 bcm of natural gas was made for the Zeus field.

Energean has also made a third discovery further south, at Block 31 (Hermes deposit), estimated to be holding between 7 and 15 billion cubic meters. Drilling at the Hercules well, in the same area, has been in progress over the past few weeks.

Energean has announced it will have a report, from an independent appraiser, on the potential of new discoveries in early 2023, the company’s aim being to present a specific development plan in the first half of the year.

Options being considered for additional volumes include the sale of additional gas to the Israeli market, exports to Egypt, as well as exports to Cyprus with the prospect of liquefaction for sales of quantities to European markets.

Energean has already signed contracts for the supply of 7.2 billion cubic meters of gas to Israel. Significant quantities are expected to start reaching customers in 2023.