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.
Gas company DEPA Commercial is negotiating an agreement with state-controlled Egyptian gas firm EGAS for LNG supply, just weeks after Greek and Egyptian officials established a joint technical committee as a first step for the development of a Greek-Egyptian electricity grid interconnection.
Energy dealings between the two countries will be discussed at a meeting today in Cairo between Greek energy minister Kostas Skrekas and Egypt’s minister of petroleum and mineral resources Tarek El-Molla. Also, DEPA chief executive Kostas Xirafas will meet with the EGAS administration.
The Greek energy minister is also taking part in today’s 6th EastMed Gas Forum, in Cairo, along with his counterparts from Egypt, France, Israel, Italy, Jordan and the State of Palestine.
An announcement of a Greek-Egyptian gas agreement, following today’s sessions, has not been ruled out.
The prospect, promising DEPA Commercial greater diversity of sources and lower costs for its customers, has acquired greater significance as the EU finds itself embroiled in an intensifying energy crisis.
Greece and Egypt have also established a joint Exclusive Economic Zone, the recent agreement for the development of a Greek-Egyptian electricity grid interconnection emerging as a first step.