New Reserves Found in Israeli Gas Exploration Well

London-based Energean, which produces gas off Israeli coast, announced that it made a commercial discovery at its Zeus exploration well, while also upgrading its neighboring Athena discovery. Athena could be linked to the floating production and storage vessel (FPSO) Energean uses to send gas to the Israeli market from its flagship Karish field.

The company has also been examining new development of fields in what it calls the Olympus area, which could also send gas to Egypt. The company said it expects to be able to tell investors more about its development plans early next year.

Preliminary estimates indicate that Zeus holds 13.3 billion cubic meters (bcm) of gas, just above pre-drill estimates, but Energean is still analyzing results.

Athena’s 8 bcm discovery was announced in May, much lower than the previous estimate of 21 bcm. However, Energean said on Monday that it has upgraded that to 11.75 bcm after further data analysis.

Need to access the insight?

Start your 7-day free trial now

Need to access the insight?

Start your 7-day free trial now

Need to access the insight?

Start your 7-day free trial now

Do you need to access special insights on this matter?

Start your 7-day free trial  and become a member today

Subscribe to Top Insights Today

Subscribe to Executive Newsletter Top Insights Today

The Executive Newsletter -Top Insights Today- puts global business events in perspective through special insights

Join the ranks of global executives and subscribe to Top Insights Today

Top Insights Today covers insights on energy, clean-tech, oil&gas, mining, rare earths, defense, aviation, infrastructure, manufacturing, electrical vehicles, big-tech, finance and politics of business

By clicking subscribe you agree to our privacy and cookie policy and terms and conditions of use.

Read more insights

Lockheed Martin to Make $1 Billion Manufacturing Investment in Saudi Arabia

Lockheed Martin is planning to invest more than $1 billion in Saudi Arabia for manufacturing. The company funds will support the kingdom’s military industry regulator GAMI and state owned defense firm SAMI to strengthen local industry. Saudi Arabia has been looking to diversify its economy away from oil and use its power as a major arms buyer to attract investment. 

Fed Plans to Cut Bond Holdings to Fight Inflation

The U.S. Federal Reserve is laying out the details on how it plans to cut the amount of bond holdings amassed to boost the U.S. economy during the pandemic. With this move, Fed confirms the expectation that it will move sooner and faster to ease high inflation. 

TSMC Waiting for the Congress to Approve the CHIPS Act

Taiwan Semiconductor Manufacturing Co. (TSMC), the world’s biggest contract chip manufacturer, has started building a chip plant in Arizona, hiring U.S. engineers and sending them to Taiwan for training, but the pace of construction will depend on Congress approving federal subsidies. 

Stay informed

error: This content is protected !!