Energean Oil & Gas has discovered a very large reservoir of natural gas at the North Karish field off northern Israel’s Mediterranean coast, energy media reported Monday.
Shares in the energy company jumped by more than eight percent after Energean discovered the 28-42 billion cubic meter (bcm) field of natural gas under the Mediterranean waters.
Once operations have been completed on Karish North, drilling will resume at the three Karish Main development wells, the Green energy producer told World Oil News.
“We are delighted to be announcing this significant new gas discovery at Karish North, which further demonstrates the attractiveness of our acreage offshore Israel,” Energean CEO Mathios Rigas said in a statement.
“We are building the Energean Power FPSO with spare capacity, which will enable us to quickly, safely and economically develop both Karish North and future discoveries.
“We have already signed a contingent contract to sell 5.5 Bcm (0.2 Tcf) of this new resource, and our strategy is now to secure the offtake for remaining volumes. We continue to see strong demand for our gas, which we believe will be supported by today’s announcement.”