Energean is preparing to conduct drilling operations at five Israeli EEZ offshore licenses secured by the company through a tender in 2017 and anticipates natural gas deposits of 110 billion cubic meters to serve exports to the EU, now looking for ways to end its reliance on Russian natural gas.

According to sources, Energean plans to begin its drilling effort within the next few days, at Block 12, before following up with drilling at Block 21 and Block 23.

Energean is also planning a follow-up confirmation drill at Karish and development at Karish North.

Energean plans to export, beyond Israel, natural gas extracted from all but one of the five aforementioned licenses, Karish.

Energean has already signed an agreement with Egypt’s EGAS for gas to reach the country via pipeline and, from there, via two terminals, be made available for export, including to Europe.