Energean to develop Olympus play in Israel

Israel

JERUSALEM, May 19, 2023 – Energean has decided to move forward with the development of the Olympus area offshore Israel, the London-based E&P player announced in a trading statement on Thursday.

Production of the Olympus field on Block 12 – which contains the Zeus, Hercules and Athena plays – will be tied back to the Energean Power FPSO that is currently producing from the nearby Karish field.

Development plans are expected to be submitted in Q3 2023, with the FID expected to take place by the end of the year.

The Energean Power vessel is set to hit production levels of 8 bcm (283 bcf) per year by 2024 after beginning production on the offshore Karish field in October 2022.

The company plans on increasing capacity at the FPSO to 12 bcm (424 bcf) per year.

Development of the nearby Tanin play has been pushed forward and is now expected to begin in the 2030s.

Energean holds interest in eight exploration blocks in Israel, with 100% stake in blocks 12, 21, 23 and 31 and an 80% share in blocks 55, 56, 61 and 62.