Eastern Mediterranean-focused oil and gas producer Energean has made a commercial discovery at its Zeus exploration well off the coast of Israel and upgraded its neighboring Athena discovery, it said on Nov. 7.
Energean’s shares rose by nearly 4% to 16 pounds by 0927 GMT for their highest since the company listed in London in 2018.
Athena could be linked to the FPSO Energean uses to send gas to the Israeli market from its flagship Karish Field.
Energean has also floated the idea of a new development of fields in what it calls the Olympus area, which might 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 Bcm of gas, just above pre-drill estimates, but Energean is still analyzing results.
Athena’s 8 Bcm discovery was announced in May, falling short of a previous 21 Bcm estimate, but Energean said on Nov. 7 that its reserve auditor DeGolyer & MacNaughton has upgraded that to 11.75 Bcm after further data analysis.
Recommended Reading
Keeping it Tight: Diversified Energy Clamps Down on Methane Emissions
2024-04-24 - Diversified Energy wants to educate on emission reduction successes while debunking junk science.
MethaneSAT: EDF’s Eye in the Sky Targets E&P Emissions
2024-03-07 - The Environmental Defense Fund and Harvard University recently launched MethaneSAT, a satellite tracking methane emissions. The project’s primary target: oil and gas operators.
CAPP Forecasts $40.6B in Canadian Upstream Capex in 2024
2024-02-27 - The number is slightly over the estimated 2023 capex spend; CAPP cites uncertain emissions policy as a factor in investment decisions.
Majority of Recent CO2 Emissions Linked to 57 Producers - Report
2024-04-03 - The world's top three CO2-emitting companies in the period were state-owned oil firm Saudi Aramco, Russia's state-owned energy giant Gazprom and state-owned producer Coal India, the report said.
Qnergy Tackles Methane Venting Emissions
2024-03-13 - Pneumatic controllers, powered by natural gas, account for a large part of the oil and gas industry’s methane emissions. Compressed air can change that, experts say.