Energean, which specializes on the Eastern Mediterranean, announced on Monday that it has discovered 8 billion cubic meters (bcm) of natural gas between its Karish and Tanin fields in its Athena exploration well off the coast of Israel.
Athena might be developed by connecting it to the floating production and storage vessel (FPSO) that Energean wants to utilize beginning in the third quarter to transfer gas from Karish to the Israeli market.
Athena may be part of a new development of resources off the coast of Israel, the company said, adding that preliminary data indicated the Olympus Area region might hold 58 billion cubic meters of gas.
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Energean stated that another alternative would be to sell the gas to Egypt by formalizing a memorandum of agreement to provide the country with 3 bcm per year.
