Energean makes commercial gas discovery offshore Israel

Energean said on Thursday that the Hermes exploration well offshore Israel has made a commercial gas discovery and it has now moved on to another block to drill the Zeus structure.

The exploration and production company said preliminary estimates indicate that the Hermes exploration well, block 31, contains 7 to 15 billion cubic metres (bcm) of recoverable natural gas resources.

Detailed analysis of the data collected by the well is ongoing, with the aim of refining volumetric estimates and potential commerciality for both the discovery and the full area, it said.

Energean said it has now moved to block 12 (Olympus Area) to drill the Zeus structure, which is estimated to contain 10 to 12 bcm of gross prospective unrisked gas resources.