In 2023 and possibly in the first half of the year, Energean will decide on the development of new fields natural gaswhich she discovered during her offshore drilling program in Israel.

As mentioned in the context of the 10th Energy Symposium held on Thursday 17 November in Nicosia, Dr. Konstantinos Nikolaou, vice president of Energean in Greece, natural gas exports via pipeline to Cyprus and further exports via liquefaction to European markets are among the prospects the company is considering for developing new fields. With this development, the possibility of transfer is estimated to be in the order of 3.5 billion cubic meters (bn Cyprus) of the application for geophysical surveys along the proposed pipeline route.

The other two scenarios that the company is considering are exporting natural gas to Egypt and sending additional volumes in excess of the already contracted 7.2 billion cubic meters of gas per year to the Israeli domestic market.

To date, Energean has drilled three exploration wells, all of which have resulted in discoveries. In particular, 11.75 billion cubic meters of natural gas have been certified at the Athena field. m of potential recoverable natural gas reserves. For the Zeus field, initial estimates refer to 13.3 billion cubic meters of recoverable natural gas, while the Mercury field is estimated at between 7 and 15 billion cubic meters of recoverable natural gas. Energean is currently drilling the 4th exploration well at the Heracles field.

As mentioned by Dr. Nicolau, “Cyprus is a country of strategic importance for Energean’s operations. If the plan is implemented, the benefits for the Republic of Cyprus will be very significant. The country will become a natural gas hub without the need to invest in itself and increase its geopolitical role at a time when the European Union is looking for new sources of natural gas supplies. At the same time, Cyprus cooperation with Israel and Greece will be further strengthened, and if the Republic of Cyprus wants to use a certain amount of natural gas for domestic needs, security of supply and competition will be enhanced for the benefit of the Cypriot economy. and consumers. In addition, it is clear that new jobs will be created and economic activity will increase both during the 3-year construction phase of the project and during its expected 15-year duration.”

Finally, Dr. Nicolau said that Energean is looking forward to the help of the governments of Cyprus and Greece in their efforts to include the project in financial instruments created by the European Union.

^{Source: RES-IPE}