Minister of National Infrastructures Energy and Water Resources Israel Katz has awarded to Energean plc (LSE: ENOG; TASE: ENOG) CEO Mathios Rigas the approval of the Head of the Fuel Administration Chen Bar-Yoseph of the license in Block 12 Katlan (Olympus) reservoir as a natural gas discovery. Katlan contains an estimated 68 BCM.
By law, this declaration now allows British-Greek energy company Energean to file a development plan, which when approved will enable it to begin developing the reservoir, which in several years will provide additional natural gas for the domestic market and perhaps even for export.
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This is the first gas discovery recognized by the Israeli government since 2015. The Katlan/Olympus field is located between Energean’s Karish and Tanin fields. Energean hopes to produce gas from Katlan/Olympus before developing Tanin because it can easily link the new field up to the nearby Karish field, which is already producing gas, and it would not need to pay royalties to NewMed Energy (formerly Delek Drilling), which was forced to sell the field to Energean as part of the government’s plan to introduce competition into Israel’s natural gas sector.
Published by Globes, Israel business news – en.globes.co.il – on May 31, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
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